BAKU, Azerbaijan, Aug. 19
By Zeyni Jafarov - Trend:
The volume of fees on voluntary insurance of water transport vehicles in Azerbaijan increased by 1.5 percent over the year, Trend reports citing the reporting data of the Central Bank of Azerbaijan (CBA).
According to the CBA, which is the regulator of the local insurance market, fees for this segment in the first six months of this year reached 3.25 million manat ($1.91 million) against 3.2 million manat ($1.88 million) by early July 2020.
The share of this type in the aggregate fees for voluntary property insurance is 4.4 percent.
“Insurance payments for voluntary insurance of water transport in the reporting period were practically zero. However, over the same period last year, an indicator of 209,400 manat ($123,176) was recorded in this segment,” said the report.
Voluntary insurance of water transport vehicles provides insurance coverage for shipowners and other persons involved in the operation of ships in the event of damage or loss of ships belonging to them or otherwise legally related to them.
In general, insurance companies of Azerbaijan collected insurance premiums in the amount of over 452 million manat ($265.8 million) in the first six months of this year, and paid 248 million manat ($145.8 million).
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