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

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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