BAKU, Azerbaijan, Mar.8
By Zeyni Jafarov - Trend:
Azerbaijani insurance companies collected fees on voluntary types of insurance worth 84.18 million manat ($49.5 million) in January 2021, Trend reports referring to the statistical report of the Central Bank of Azerbaijan (CBA).
According to the report of CBA, which is the regulator of the Azerbaijani insurance market, the number of collected fees over the reporting month decreased by 7.05 million manat ($4.15 million) or 7.7 percent compared to Jan.2020.
The share of voluntary life insurance in the structure of fees made up about 20 percent of fees for the voluntary segment, that is, nearly 17.05 million manat ($10.04 million). In life insurance, a significant part (82.6 percent) belongs to the accumulative segment, the collected fees on which during Jan.2021 amounted to 14.08 million manat ($8.3 million), which in turn is the growth of 6 percent year on year.
Azerbaijan's insurers have paid insurance claims for voluntary types of insurance in the amount of 37.19 million manat ($21.89 million), and these amounts are almost twice more than paid claims for January last year. This growth was achieved mainly through large payments on life insurance, the amount of which in annual terms increased by 2.3 times and exceeded 28.35 million manat ($16.69 million).
The life insurance market in Azerbaijan has been operating since 2011. Five local companies are licensed to provide life insurance services in the country: PASHA Life, Ateshgah Life, Qala Life, Xalq Life, and Mega Life Insurance.
(1 USD = 1.7 AZN on Mar.8)
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