BAKU, Azerbaijan, Sept. 28
By Zeyni Jafarov - Trend:
The volume of credit insurance fees in Azerbaijan increased 5.7 times from January through August 2021 year-on-year, Trend reports, 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 collected for this segment over the reporting period amounted to 123,000 manat ($72,352) compared to 21,500 manat ($12,647) by the beginning of September 2020.
It is reported that payments for this type from January through August 2021 were practically equal to zero. In the same period of 2020, Azerbaijan's insurance companies did not pay premiums for this segment either.
In total, Azerbaijani insurance companies collected insurance premiums in the amount of over 580 million manat ($341.1 million) from January through August 2021, and paid about 340 million manat ($200 million).
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