BAKU, Azerbaijan, April 14
By Zeyni Jafarov - Trend:
Azerbaijan’s Xalq Sigorta insurance company wrapped up 2020 with a net profit worth 8.06 million manat ($4.7 million), Latif Zeynalli, senior specialist of the sales and marketing department of Xalq Sigorta, told Trend.
“The company's revenues last year reached 38.4 million manat ($22.6 million), which is three times more than in 2019, while expenses reached 30.4 million manat ($17.9 million),” Zeynalli said.
“The obligations of Xalq Sigorta decreased to 26.3 million manat ($15.5 million) in 2020 and the insurance company began 2021, having 75.5 million manat ($44.4 million) in its assets,” he said.
Zeynalli also touched upon the insurance sector as a whole.
“Voluntary insurance increased by 11 percent while voluntary non-life insurance by seven percent,” Zeynalli said. “There was a tendency of an increase in fees by 10 percent in 2020 compared to 2019 and car insurance increased by about 18 percent.”
Zeynalli stressed that Xalq Sigorta successfully implements more than 20 types of voluntary insurance and three types of compulsory insurance, being one of the biggest participants in the domestic insurance market.
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