BAKU, Azerbaijan, Sept. 2
By Zeyni Jafarov - Trend:
The amount of credit insurance fees in Azerbaijan increased by almost eight times as of early August 2021 on an annualized basis, Trend reports on Sept. 2 referring to the reporting data of the Central Bank of Azerbaijan (CBA).
According to the CBA, which is the regulator of the local insurance market, the fees for this segment from January through July 2021 amounted to 120,600 manat ($70,941) compared to 15,900 manat ($9,352) by early August 2020.
At the same time, the payments for this type were practically zero.
The fees on insurance against business interruption also increased during the reporting period in the country in annual terms.
The insurance premiums worth 413,700 manat ($243,352) were collected for this type of insurance, which is by 1.8 percent more than in the same period of last year.
Business interruption insurance is one of the forms of business risk insurance, which belongs to the class of insurance of mixed financial risks.
The purpose of this insurance is to compensate for damage from business interruption due to complete or partial interruption of the production activity of the enterprise due to fire, natural disaster, or other insured risks.
In general, the Azerbaijani insurance companies collected the insurance premiums worth over 528 million manat ($310 million) during seven months of this year while paid out 301 million manat ($177 million).
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