BAKU, Azerbaijan, Aug.9
By Zeyni Jafarov - Trend:
The volume of fees on voluntary insurance of professional liability decreased in Azerbaijan in the first half of 2021, Trend reports referring to the Central Bank of Azerbaijan (CBA).
According to the CBA, which is the regulator of the local insurance market, fees for this segment in the reporting period exceeded 848,000 manat ($498,820), down 53 percent compared to late June 2020 (1.8 million manat or $1.06 million).
The share of this type in the total fees for the voluntary property insurance amounted to 1.2 percent.
Almost no insurance payments for voluntary professional liability insurance have been made in the reporting period. A similar indicator was recorded a year earlier.
Professional liability insurance is a type of liability insurance designed to protect property interests associated with possible compensation for harm to third parties for individuals engaged in individual professional activities (these persons include notaries, lawyers, private practitioners, architects, realtors and representatives of other professions).
In total, insurance companies of Azerbaijan collected insurance premiums in the amount of over 452 million manat ($265.8 million), and paid 248 million manat ($145.8 million) in the first six months of this year.
(1 USD = 1.7 AZN on Aug.9)
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