BAKU, Azerbaijan, Feb. 17
By Nazrin Israfilova - Trend:
The insurance fees of Azerbaijan’s Baki Sigorta OJSC (Baku Insurance) for 2021 amounted to 4.7 million manat ($2.8 million), which is by 127 percent or 2.6 million manat ($1.5 million) more compared to 2020, the Azerbaijan Insurers Association told Trend.
The fees for 2020 amounted to 2.07 million manat ($1.2 million).
The insurance payments of Baki Sigorta company for 2021 amounted to 1.2 million manat ($705,882), which is by 224 percent or 829,892 manat ($488,171) more compared to 2020. The payments for 2020 amounted to 370,108 manat ($217,710).
The market share of Baki Sigorta company in terms of fees was 0.26 percent in 2021 while the share of payments for the reporting period was 0.55 percent.
The total fees of Azerbaijani insurance companies amounted to 843.9 million manat $496.4 million (an increase of 15.8 percent for the year) while total payments - 458.7 million manat $269.8 million (decrease of 1.4 percent for the year) in 2021.