BAKU, Azerbaijan, May 20
By Zeyni Jafarov - Trend:
The fees on the segment of compulsory civil liability insurance of vehicle owners grew in the Azerbaijani insurance market as of early April 2021, the Central Bank of Azerbaijan (CBA) told Trend.
According to the CBA, which is the regulator of the Azerbaijani insurance market, in the first quarter of 2021, insurance fees in this category rose by 7.5 percent year on year up to 20.8 million manat ($12.2 million) versus 19.4 million manat ($11.4 million) in 1Q2020.
Besides, the total volume of voluntary civil liability insurance of vehicle owners grew by 2.2 times on an annual basis up to 442,000 manat ($260,000).
The CBA emphasized that the end of the first quarter of 2021 was also successfully completed for voluntary insurance of vehicles, in which 7.5 million manat ($4.4 million) of insurance premiums were collected while about 3.3 million manat ($1.9 million) was paid.
In total, by early April, Azerbaijani insurance companies collected about 249 million manat ($146.4 million) of premiums and paid over 145 million manat ($85.3 million).
Earlier, the head of the Central Bank of Azerbaijan Elman Rustamov stated that the insurance segment must take a worthy place in the Azerbaijani financial market and despite there are certain problems with technologies and human resources, this issue will be gradually resolved.
(1 USD = 1.7 AZN on May 20)
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