Insurance fees to exceed 1B manats in Azerbaijan in 2020

By Trend

Insurance fees will exceed one billion manats in Azerbaijan in 2020, Executive Director of the Azerbaijani Center for Analysis of Economic Reforms and Communication Vusal Gasimli said.

Gasimli made the remarks in Baku at the 9th forum "Azerbaijani Insurance Market: Trends and Opportunities", Trend reports.

“The total fees of insurance companies worth 728 million manats did not make up one percent of the country's GDP volume in 2018,” he said. “But after the introduction of mandatory health insurance in 2020, the volume of total fees will exceed this figure.”

"For the first time, insurance premiums will exceed one billion manats in Azerbaijan," Gasimli added.

(1.7 AZN = 1 USD on June 28)