Azerbaijani Qala Hayat's insurance collections up for 2020

Finance Materials 21 April 2021 09:55 (UTC +04:00)
Azerbaijani Qala Hayat's insurance collections up for 2020

BAKU, Azerbaijan, Apr.21

By Zeyni Jafarov - Trend:

Azerbaijan’s Qala Hayat insurance company successfully continued its development tendency in 2020 despite the COVID-19 pandemic, and its insurance collections grew by more than 7 percent, a source in the company told Trend.

According to the source, in the reporting year, the company collected insurance premiums in the amount of nearly 16 million manat ($9.4 million), which is over 1 million manat ($590,000) more than in 2019.

"In general, for various insured events, as of early 2021, Qala Hayat has paid customers over 4 million manat ($2.3 million), of which 3.57 million manat ($2.1 million) fell on voluntary insurance, and about 520,000 manat ($305,880) – on compulsory insurance," the source said.

At the beginning of 2021, the company’s net profit made up 2.19 million manat ($1.3 million), income exceeded 17 million manat ($10 million), and expenses amounted to 14.5 million manat ($8.5 million).

Regarding the updates, the source said that last year work was underway to design new products and bring them to the insurance market. Given the current situation, the company presented a new product ‘Secured Future’, which immediately began to show interest among the population.

"Throughout its activity, the company has been constantly keeping the issue of the development of insurance culture in Azerbaijan on the agenda and offers its clients voluntary and compulsory types of insurance. In 2021, we’ll focus on a wider implementation of this activity," concluded the source.

(1 USD = 1.7 AZN on Apr.21)


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