BAKU, Azerbaijan, June 3
By Zeyni Jafarov - Trend:
The charges on the segment of compulsory civil liability insurance of motor vehicles increased in the Azerbaijani insurance market as of early May 2021, the Central Bank of Azerbaijan (CBA) told Trend.
The market of compulsory civil liability insurance of motor vehicles grew by 9.5 percent from January through April 2021 and is estimated at 28.7 million manat ($16.9 million) compared to 26.2 million manat ($15.4 million) in the same period of 2020.
Moreover, the amount of fees on voluntary insurance of civil liability of vehicle owners doubled compared to the same period of 2020 up to 530,000 manat ($311,764).
The first four months of 2021 were also successfully completed for voluntary motor vehicle insurance. The insurance premiums worth more than 10 million manat ($5.9 million) were collected while about 4.8 million manat ($2.8 million) were paid.
In total, the Azerbaijani insurance companies collected the premiums worth over 339 million manat ($199 million) and paid about 180 million manat ($105 million) by early May 2021.
Earlier, the head of the Central Bank of Azerbaijan Elman Rustamov stated that the insurance segment must take its rightful place in the Azerbaijani financial market and despite there are certain problems with technologies and human resources, this issue will be gradually solved.
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