BAKU, Azerbaijan, Dec. 29
By Nazrin Israfilova - Trend:
Voume of insurance premiums on voluntary life insurance in Azerbaijan from January through November 2021 grew, Trend reports citing the Tax Service.
According to the service, this figure amounted to 290.9 million manat ($171.1 million), up by 25.8 percent on annual basis.
In the first 11 months of this year, the volume of insurance payments increased by 7.6 percent compared to the same period of 2020 - up to 226.3 million manat ($133.1 million).
According to the Central Bank of Azerbaijan, 85.2 percent of insurance premiums collected over the reporting period accounted for life insurance, and 13.3 percent - life insurance from death. The share of life insurance in insurance payments equaled 98.5 percent.
Meanwhile, both compulsory life insurance premiums and insurance payments increased to 57.5 million manat ($33.8 million) and 3.7 million manat ($2.18 million) compared to 11M2020, respectively (growth of 15.8 percent and 61.2 percent).
(1 USD = 1.7 AZN on Dec. 29)