Azerbaijan: EUR 13,1 million - premiums for compulsory immovable property in 2016

12 January 2017 — Oleg DORONCEANU
In 2016, Azeri insurance companies concluded more than 140 thousand insurance contracts on immovable property insurance class, representing EUR 13,1 million in GWP, up by 1.5% compared to 2015, according to local Compulsory Insurance Bureau statistics.

80.78% of the signed contracts were for houses and apartments, 0.30% for administrative buildings and 18.92% - other real estate. At the same time, Baku accounted for 31% of the concluded policies. In Azerbaijan, the insurance for immovable property is mandatory, being managed by the Compulsory Insurance Bureau. In 2016, 13 insurance companies wrote premiums on this insurance segment.

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