Azerbaijan sees decrease in voluntary insurance fees

Finance Materials 28 April 2021 09:43 (UTC +04:00)
Azerbaijan sees decrease in voluntary insurance fees

BAKU, Azerbaijan, Apr. 28

By Zeyni Jafarov - Trend:

The fees of Azerbaijani insurance companies on voluntary types of insurance from January through March 2021 exceeded 155 million manat ($91.1 million), the Central Bank of Azerbaijan (CBA), which is the regulator of the country's insurance market, told Trend.

According to the CBA, for the reporting period, fees on the mentioned types of insurance shrank by nearly 5 million manat ($2.9 million), or 3 percent compared to the same period of last year.

The share of voluntary life insurance in the structure of fees amounted to more than 34 percent (nearly 54 million manat or $31.7 million).

The fees on accumulative life insurance during the reporting period made up over 45 million manat ($26.4 million, decline of 0.4 percent on annual basis).

Totally, in the first quarter of 2021, Azerbaijani insurers made payments on voluntary types of insurance in the amount of 104 million manat ($61.1 million), which is almost twofold more compared to 1Q2020.

This growth was mainly achieved through big payments on life insurance, the amount of which exceeded 83 million manat ($48.8 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.

(1 USD = 1.7 AZN on Apr.28)


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