BAKU, Azerbaijan, Feb. 17
By Nazrin Israfilova – Trend:
The fees of the Azerbaijan Industrial Insurance OJSC increased by 29.7 percent, or 2.75 million manat ($1.6 million) in 2021 compared to 2020, up to 12 million manat ($7.06 million), the Azerbaijan Insurers Association (AIA) told Trend.
Following the results of 2021, Azerbaijan Industrial Insurance payments have fallen by 47.7 percent, or almost two million manat ($1.17 million) compared to 2020, down to 4.2 million manat ($2.47 million).
The share of Azerbaijan Industrial Insurance fees in the Azerbaijani market made up 1.09 percent, while the share of payments amounted to 0.48 percent in 2021.
In 2021, the total fees of Azerbaijan's insurance companies reached 843.897 million manat, or $496.7 million (an increase of 15.8 percent over the year) and total payments – 458.7 million manat, or $269.9 million (a decrease of 1.4 percent).