BAKU, Azerbaijan, Aug.13
By Zeyni Jafarov – Trend:
Collections on the segment of voluntary insurance for railway transport in Azerbaijan has grown in the first half of 2021, Trend reports referring to the Central Bank of Azerbaijan (CBA) regulating the local insurance market.
According to the CBA, this indicator exceeded 43,000 manat ($25,290), thus increasing by 20 percent compared to early July 2020 (36,100 manat or $21,240).
The share of this type in the total fees for voluntary property insurance made up 0.06 percent.
Almost no insurance payments for voluntary railway transport insurance have been made from January to June of this year. A similar indicator was recorded a year earlier.
A railway vehicle insurance contract provides protection against a wide range of insured events such as crashes, theft, accident, fire, or explosion. When concluding an insurance contract, the choice of the most optimal conditions for protection against events that may lead to a violation of the financial stability of the insured is carried out.
Totally, through the first six months of 2021, Azerbaijani insurance companies have collected over 452 million manat ($265 million) of insurance premiums and paid 248 million manat ($145.8 million).
(1 USD = 1.7 AZN on Aug.13)
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