BAKU, Azerbaijan, Apr. 8
By Zeyni Jafarov - Trend:
The fees of Azerbaijani insurance companies on voluntary types of insurance from January through February 2021 exceeded 117 million manat ($68 million), the Central Bank of Azerbaijan (CBA), which is the regulator of the country's insurance market, told Trend.
The CBA stressed that fees on these types of insurance decreased by five percent, or 5.7 million manat ($3.3 million), compared to the period from January through February last year.
The share of voluntary life insurance in the structure of fees amounted to more than 30 percent (over 36 million manat that’s $21 million).
The fees on accumulative life insurance during the reporting period amounted to about 30 million manat ($17 million), which is by 11 percent more compared to the same period of 2020.
In general, during the first two months of 2021, Azerbaijani insurers made payments on voluntary types of insurance in the amount of 67 million manat ($39 million), which is almost twofold more compared to the same period of last year.
This growth was mainly achieved through big payments on life insurance, the amount of which exceeded 50 million manat ($29 million).
The life insurance market has been operating in Azerbaijan since 2011. Five companies, namely, PASHA Life, Ateshgah Life, Qala Life, Xalq Life and Mega Life Insurance, have been licensed to render life insurance services.
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