BAKU, Azerbaijan, Sept.17
By Zeyni Jafarov – Trend:
Collections on the segment of Compulsory Insurance of Civil and Legal Liability of Vehicle Owners in Azerbaijan has grown from January through July 2021, Trend reports referring to the Central Bank of Azerbaijan (CBA).
According to the CBA, for the reporting period, the collections have amounted to 56.5 million manat ($33.2 million), up by almost three million manat ($1.7) or five percent compared to the same period of 2020 when this indicator made up 53.7 million manat ($31.6 million).
The payments for this segment of insurance grew over the year by 5.64 million manat ($3.32 million), or 17.2 percent, on annual basis, from 32.785 million (recorded in the first seven months of 2020) to 38.4 million manat ($22.6 million)
At the same time, the number of collections for voluntary civil liability insurance of vehicle owners rose by 162,600 manat ($95,650) or 24.3 percent on annual basis, up to 833,000 manat ($490,000) against 670,000 manat ($394,120) a year earlier.
On the type of voluntary insurance of motor vehicles, 166,000 manat ($97,650) of insurance premiums had been paid from January through July this year, up by 153,000 manat ($90,000) compared to the same period of 2020 (13,000 manat or $7,650).
Totally, through the first seven months of 2021, Azerbaijani insurance companies have collected over 528 million manat ($310.6 million) of insurance premiums and paid 301 million manat ($177 million), which is a year-on-year increase of 12 percent and 33 percent, respectively.
(1 USD = 1.7 AZN on Sept.17)
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