BAKU, Azerbaijan, Aug.10
By Zeyni Jafarov - Trend:
The fees on voluntary types of insurance in Azerbaijan in the first half of 2021 increased, the Central Bank of Azerbaijan (CBA), which is the regulator of the Azerbaijani insurance market, told Trend.
According to the CBA, this indicator exceeded 304.5 million manat ($179.1 million), which is by 30 million manat ($17.6 million) or 11 percent more than from January to June of last year.
The share of voluntary life insurance in voluntary insurance fees amounted to over 52 percent, making up 158.6 million manat ($93.3 million).
A big part (88.6 percent) in life insurance accounted for accumulative life insurance, fees on which topped 140 million manat ($82.3 million), which is 25.5 percent more than in 1H2020.
In general, Azerbaijani insurers have made payments on voluntary types of insurance in the amount of 183.6 million manat ($108 million) during the first six months of 2021, which is 1.2 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 28 percent on annual basis, exceeding 139.5 million manat ($82 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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