BAKU, Azerbaijan, June 25
By Yusif Aghayev – Trend:
The salaries of those working in the Azerbaijani insurance sector have increased by more than 22 percent since the beginning of this year, Trend reports referring to the published report of the Azerbaijani State Statistics Committee.
According to the data, the average monthly salary of employees in the insurance and financial sectors increased from 1,631 manat ($959) to 2,004 manat ($1,178) from January through April 2020.
Some 28,600 people are employed in these spheres, while 5,500 people work in the public sector and 23,100 people in the private sector.
At the beginning of the year, the salaries of employees working in banks and insurance companies in both sectors were almost the same while they were even slightly higher in the public sector, said the committee.
As of January 1, the average salary in the public sector was 1,680 manat ($988) while in the private sector – 1,619 manat ($952). Meanwhile, the salaries of employees involved in the private financial insurance sector have grown much more rapidly over the past four months.
During the reporting period, the average salary in the private sector increased by 448 manat ($263) or by 27.7 percent to 2,067 manat ($1,215). The salaries of employees involved in the public sector increased by 53 manat ($31) or by 3.2 percent, reaching 1,733 manat ($1,019).
Azerbaijani insurance companies collected the fees worth 311.3 million manat ($183.1 million) in the first four months of 2020, which is 46 million manat ($27 million) or approximately 17.3 percent more than in the same period of 2019.
License of Standard Insurance company was cancelled in May 2020.
Today, 21 insurance companies and one reinsurance company operate in Azerbaijan.
(1 USD = 1.7 AZN on June 25)
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