Mandatory real estate insurance premiums increased by 64%

16:04 - 22.06.2023

June 22, Fineko/abc.az. Azerbaijan has recorded an increase on premiums and compensation payments for compulsory real estate insurance.

ABC.AZ reports that the premiums for AZN 52.769 million were collected on this type of insurance for Jan-May 2023 (AZN 20.595 million, or 64% more versus Jan-May 2022 - AZN 32.17 million).

In total, compensation payments for compulsory real estate insurance for Jan-May 2023 totaled AZN 878,500 (AZN 437,900, or almost 100.6% more against Jan-May 2022 – AZN 440,600).

So, for the first 4 months of 2023, the unprofitability of this insurance was only 1.7%. And for the 2022 same term, the loss rate was only 1.4%.