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Fees on voluntary types of insurance increase in Azerbaijan

Finance Materials 10 June 2021 15:09 (UTC +04:00)
Fees on voluntary types of insurance increase in Azerbaijan

BAKU, Azerbaijan, June 10

By Zeyni Jafarov - Trend:

Azerbaijani insurance companies collected fees on voluntary types of insurance in the amount of over 222 million manat ($130.6 million) as of April 2021, which is by about 12.6 million manat ($7.4 million) or six percent more than in the same period of 2020, the Central Bank of Azerbaijan (CBA), which is the regulator of the Azerbaijani insurance market, told Trend.

Moreover, voluntary life insurance accounted for about 49 percent of the fees on the voluntary segment, that is, over 108 million manat ($63.5 million).

A big part (91 percent) accounted for accumulative life insurance in life insurance, fees on which by early May 2021 amounted to 98.5 million manat ($57.9 million), which is by 20 percent more than in the same period of 2020.

In general, Azerbaijani insurers paid the insurance claims on voluntary types of insurance in the amount of 129.4 million manat ($76.1 million) during the first four months of 2021, which is by 1.6 times more than from January through April 2020.

This growth was achieved mainly through big payments on life insurance, the amount of which more than doubled in annual terms, exceeding 100 million manat ($58.8 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.

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