BAKU, Azerbaijan, August 29. Cargo insurance fees exceeded 3.04 million manat ($1.7 million) from January through July 2022, which is 4.2 percent more (122,000 manat) than in the same period last year, Trend reports via the Central Bank of Azerbaijan (CBA).
The amount of 0.2 manat ($0.1) of insurance payment accounted for every 100 manat ($58) in seven months of 2022. In the same period the previous year, this figure amounted to 2.5 manat ($1.4). Furthermore, CBA notes that due to the low level of insurance payments, this type of insurance has become one of the most profitable in the local market.
In the reporting period, insurance payments amounted to about 5,000 manat, which is 6.7 times, or 69,200 manat ($40,705) less than from January through July 2021.