BAKU, Azerbaijan, Feb. 5
By Sadraddin Aghjayev - Trend:
Azerbaijani insurance companies collected fees on voluntary types of insurance worth 502.7 million manat ($295.7 million), the Central Bank of Azerbaijan (CBA) told Trend.
According to the statements of the country's Central Bank, which is the regulator of the Azerbaijani insurance market, fees over 2020 increased by 46.2 million manat ($27.1 million) or 10.1 percent compared to 2019.
The CBA especially noted the share of voluntary life insurance in the structure of fees, which is about 50 percent of fees for the voluntary segment, that is, about 250 million manat ($147 million). In life insurance, a significant part (82.2 percent) belongs to accumulative life insurance, the fees on which during 2020 are estimated at 205.3 million manat ($120.7 million), which in turn is 23.6 percent more than compared to 2019.
Payments of Azerbaijani insurers for voluntary insurance during 2020 showed a very dynamic growth, the Central Bank noted.
Azerbaijan's insurers have paid insurance claims for voluntary types of insurance in the amount of 378.7 million manat, and these amounts are 1.7 times more than paid premiums for 2019. This growth was also achieved mainly through large payments on life insurance, the amount of which in annual terms increased by 2.3 times and exceeded 280 million manat ($164.7 million).
The Central Bank of Azerbaijan added that the insurance market in 2020, despite the quarantine restrictions amid the pandemic, turned out to be more stable than predicted, and the life insurance segment gave the greatest impetus to the growth of the insurance portfolio.
Earlier, Chairman of the Central Bank of Azerbaijan, Elman Rustamov stated that the insurance segment should take a worthy place in the financial market of Azerbaijan and despite the fact that there are certain problems with technologies and human resources, this issue will gradually find its solution.