BAKU, Azerbaijan, Feb. 12
By Yusif Aghayev - Trend:
The dynamics of insurance premiums paid by the Azerbaijani insurance companies for last year varied, Trend reports Feb. 12 with reference to the Central Bank of Azerbaijan (CBA).
In general, Azerbaijani insurance companies collected insurance premiums worth 681.1 million manat ($400.6 million) in 2019, which is 46.7 million manat ($27.5 million), or 6.4 percent less than in 2018.
For voluntary types of insurance, premiums worth 456.6 million manat ($268.5 million) were collected, which is 79.5 million manat ($46.7 million) less than in 2018, which indicates a decline of almost 15 percent.
A significant decline was recorded in the segment of voluntary life insurance, where it amounted to 86.3 million manat ($50.7 million), or 28 percent less than in 2018. This was related to changes in tax legislation. In the segment of voluntary types of non-life insurance, there has been a slight increase in the collection of insurance premiums – by 237.2 million manat ($139.5 million), which is 6.7 million manat ($3.9 million) or almost 3 percent more than in 2018.
In this segment, insurance premiums for property insurance were collected in the amount of 133.1 million manat ($78.3 million, or a 2.4 percent decline), for personal insurance - in the amount of 104.1 million manat ($61.2 million, or an increase of more than 10 percent), including for voluntary medical insurance - in the amount of 95.8 million manat ($56.3 million, or an increase of more than 10 percent), liability insurance - in the amount of 20.9 million manat ($12.3 million, or a decline of 6.5 percent).
No contract was signed last year on cargo carrier liability insurance, in contrast to the data of 2018, according to which such contracts were concluded for 50,400 manat ($29,647), but at the same time, there was some activity in 2019 in insurance of liability of owners of railway vehicles, and contracts for 43,200 manat ($25,411) were signed, while no such agreements were registered in 2018.
Premiums for insurance of loans sharply decreased - by almost 12 times - from 1.8 million manat ($1 million) to 157,700 manat ($92,764).
Premiums in the compulsory insurance segment increased significantly - to 224.5 million manat ($132.1 million), showing an increase of 32.7 million manat ($19.2 million) or 17 percent.
In the field of insurance against industrial accidents and occupational diseases, the growth of premiums amounted to 12.8 million manat ($7.5 million), having increased to 48.1 million manat ($28.3 million) compared to 2018 (an increase of 36 percent), while premiums for liability insurance for vehicle owners stood at 4.9 million manat ($2.9 million), increasing to 100.4 million manat ($59 million) compared to 2018 (an increase of 5.2 percent), for mandatory property insurance - 13 million manat ($7.6 million), increasing to 43.4 million manat ($25.5 million) compared to the figures for 2018 (an increase of 43 percent).
There are 22 insurance companies and one reinsurance company in Azerbaijan.
($1= 1.7 manat on Feb. 12)