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Azerbaijan Insurers Association calls on citizens to annually renew insurance contracts

27 November 2020 16:32 (UTC+04:00)
Azerbaijan Insurers Association calls on citizens to annually renew insurance contracts

By Trend

There are many ways to protect property from accidents in Azerbaijan, but there is no way to fully ensure property protection, a member of the expert group of the Azerbaijan Insurers Association (AIA) Vugar Huseynli, told Trend.

“There is only one way out of the current situation and that is property insurance. This type of insurance is the only true solution for people who want to live without thinking about the risks of property loss due to unforeseen circumstances,” stressed the expert.

“The Parliament of Azerbaijan approved on July 24, 2011, the Azerbaijani law ‘On Compulsory Insurance’. This law was adopted with the aim of creating a more complete provision of social security for the country's population. According to this law, all citizens living in Azerbaijan must renew their insurance contracts every year,” Huseynli said.

“Since types of insurance are compulsory, the Code of Administrative Offenses provides for a fine for persons who don’t carry out compulsory insurance of the relevant risks. So, for non-fulfillment of the compulsory insurance agreement with the insurer, individuals are provided with a fine of 30 manat ($17.6), officials - 80 manat ($47), and legal entities - 200 manat ($117.6),” said the expert.

Huseynli noted that an insured event includes damage, destruction, or loss in any other form of real estate as a result of the occurrence of insurance risks.

Distribution of insurance rates and guarantees for compulsory insurance of residential buildings and apartments:

Cities

Insurance premium for 1 year

Social security

Baku

50 manat ($29.4)

25,000 manat ($14,705)

Nakhchivan, Ganja, Sumgayit

40 manat ($23.5)

20,000 manat ($11,764)

Other cities

30 manat ($17.6)

15,000 manat ($8,823)

(1 USD – 1.7 AZN on Nov. 27)

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