BAKU, Azerbaijan, June 3. The volume of fees for credit insurance in Azerbaijan increased almost 3.72 times, as of May 1, 2022, year-on-year, Trend reports with reference to reporting data of the Central Bank of Azerbaijan (CBA).
According to CBA, which is the regulator of the local insurance market, fees for this segment amounted to 200,300 manat ($117,800) from January through April 2022, compared to 53,800 manat ($31,600) for the same period in 2021.
At the same time, CBA noted that payments for this type were practically equal to zero.
Generally, Azerbaijani insurance companies collected insurance premiums in the amount of more than 358 million manat ($210.5 million) from January through April 2022 and paid out 93.4 million manat ($54.9 million).