BAKU, Azerbaijan, Feb. 17
By Nazrin Israfilova – Trend:
The fees of the Azerbaijani Xalq Life insurance company (IC) increased by 72.2 percent, or 2.6 million manat ($1.5 million) in 2021 compared to 2020, up to 6.2 million manat ($3.6 million), the Azerbaijan Insurers Association (AIA) told Trend.
Following the results of 2021, insurance payments of Xalq Life have risen by 27.2 times, or by 131,000 manat ($77,105) compared to 2020, up to 136,000 manat ($80,047).
The share of Xalq Life insurance fees in the Azerbaijani market made up 0.73 percent, while the share of payments amounted to 0.02 percent in 2021.
In 2021, the total fees of Azerbaijan's insurance companies reached 843.897 million manat, or $496.7 million (an increase of 15.8 percent over the year), and total payments - 458.7 million manat, or $269.9 million (a decrease of 1.4 percent).