Azerbaijan sees decline in voluntary personal insurance fees for 7M2021

Finance Materials 31 August 2021 13:14 (UTC +04:00)
Azerbaijan sees decline in voluntary personal insurance fees for 7M2021

BAKU, Azerbaijan, Aug.31

By Zeyni Jafarov – Trend:

Amount of voluntary personal insurance fees collected by Azerbaijani insurance companies from January through July 2021 has decreased, Trend reports citing the Central Bank of Azerbaijan (CBA), regulator of the local insurance market.

According to the CBA, this indicator made up nearly 75.7 million manat ($44.5 million), which is 815,000 manat ($479,410), or 1.1 percent less year on year.

In the structure of fees for voluntary types of personal insurance, medical insurance accounted for 96 percent. Some 73 million manat ($42.9 million) of premiums were collected for this type, and 37.8 million manat ($22.2 million) was paid out.

Another 1.7 percent of fees, or 1.3 million manat ($760,000), fell on the insurance of citizens traveling abroad. The remaining two percent or 1.54 million manat ($910,000) of collected premiums accounted for insurance against accidents and diseases, the CBA said.

In the first seven months of 2021, Azerbaijani insurers made payments of insurance claims on voluntary types of personal insurance in the amount of 38 million manat ($22.3 million), which is four percent less compared to the same period of 2020. Most payments for this type were made in connection with medical insurance (37.8 million manat or $22.2 million).

Totally, the insurance companies of Azerbaijan collected insurance premiums in the amount of over 528 million manat ($310.6 million) and paid 301 million manat ($177 million) in the reporting period.

(1 USD = 1.7 AZN on Aug.31)


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