The volume of fees on credit insurance in Azerbaijan increased by more than seven times on an annualized basis as of early July 2021, Trend reports with reference to 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 half of the year amounted to about 104,000 manat ($61,176) compared to 14,600 manat ($8,588) by early July 2020.
At the same time, the payments for this type were practically zero.
The fees on insurance against business interruption also increased during the reporting period in the country in annual terms.
The insurance premiums were attracted in the amount of 413,700 manat ($243,352) for this type of insurance, which is by 1.8 percent more than in the same period of last year.
Business interruption or business interruption insurance is one of the forms of business risk insurance, which belongs to the class of insurance of the mixed financial risks.
The purpose of this insurance is to compensate for damage from business interruption due to complete or partial business interruption due to fire, natural disaster or other insured risk.
In general, Azerbaijani insurance companies collected insurance premiums in the amount of over 452 million manat ($265.9 million) during the first six months of this year and paid 248 million manat ($145.9 million).
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