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Fees for compulsory life insurance increase by 36% in Azerbaijan

08 February 2020 11:56 (UTC +04:00)

The insurance fees in the amount of AZN 48.113 mln. were collected during 2019 by the insurance companies functioning in Azerbaijan for the compulsory insurance of the cases of loss of professional working ability as a result of industrial incident and occupational diseases, “APA-Economics” reports citing the Central Bank of Azerbaijan (CBA).

In the reporting year, the companies carried out payment in the total amount of AZN 3.101 mln. for this type of insurance.

Based on the report issued by the CBA, the collected fees for compulsory life insurance increased by 36% as compared with 2018. And contrarily, during this period, a 1.1% reduction was recorded in the volume of the payments.