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Fees on voluntary types of insurance in Azerbaijan increase

Finance Materials 15 July 2021 14:11 (UTC +04:00)

BAKU, Azerbaijan, July 15

By Zeyni Jafarov - Trend:

The fees on voluntary types of insurance in Azerbaijan as of early June 2021 amounted to about 265 million manat ($155.9 million), which is by 21.8 million manat ($12.8 million) or nine percent more than in the same period of last year, the Central Bank of Azerbaijan (CBA), which is the regulator of the Azerbaijani insurance market, told Trend.

The share of voluntary life insurance in voluntary insurance fees amounted to about 52 percent, exceeding 136.5 million manat ($80.3 million).

A big part (90 percent) in life insurance accounted for accumulative life insurance, fees on which amounted to almost 123 million manat ($72.3 million), which is 24.9 percent more than in the same period of 2020.

In general, Azerbaijani insurers made payments on voluntary types of insurance in the amount of 151.5 million manat ($89.1 million) during the first five months of 2021, which is 1.4 times more than in the same period of last year.

This growth was achieved mainly through big payments on life insurance, the amount of which increased by more than 65 percent on an annualized basis, exceeding 117 million manat ($68.8 million).

The life insurance market has been operating in Azerbaijan since 2011. Five companies have been licensed to render life insurance services, namely, PASHA Life, Ateshgah Life, Qala Life, Xalq Life and Mega Life Insurance.

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