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Amount of indemnities paid in Azerbaijan’s insurance market sharply grows

Economy Materials 12 February 2020 15:53 (UTC +04:00)
Amount of indemnities paid in Azerbaijan’s insurance market sharply grows

BAKU, Azerbaijan, Feb. 12

By Yusif Aghayev - Trend:

The amount of insurance indemnities paid by Azerbaijani insurance companies last year has grown significantly compared to 2018, Trend reports Feb. 12 with reference to the published report of the Central Bank of Azerbaijan (CBA).

Azerbaijani insurance companies paid insurance indemnities worth 301.5 million manat ($177.3 million) in 2019, which is 61.2 million manat ($36 million) or 25.4 percent more than in 2018.

For voluntary types of insurance, insurance indemnities worth 220.9 million manat ($129.9 million) were paid in 2019, which is 48.3 million manat ($28.4 million) more than in 2018(an increase in payments by 28 percent).

A significant increase was recorded in insurance indemnity payments in the segment of voluntary life insurance, the amount of which stood at 121.7 billion manat ($71.6 billion), which is 28 percent more than in 2018. At the same time, the value of premiums in this segment showed a decrease of 28 percent.

In the segment of voluntary types of non-life insurance, considerable increase in the amount of insurance indemnity payment was also observed - 99.1 million manat ($58.3 million) in 2019, which is 21.5 million manat ($12.6 million) or almost 28 percent more than in 2018.

The total amount of insurance indemnities paid on property insurance amounted to 37.6 million manat ($22.2 million) in 2019, which is 2.2 times more than in 2018.

The amount of insurance payments for aircraft increased by 22 times and stood at 19.2 million manat ($11.3 million) compared to 873,000 manat ($513,529) in 2018.

The amount of compensation paid on voluntary motor vehicle insurance increased significantly and stood at 13 million manat ($7.6 million), or an increase of 36.5 percent, while the amount of compensation paid on voluntary insurance against fire and other risks decreased to 2.1 million manat ($1.2 million), or a by more than 29 percent.

In the personal insurance segment, the indicators don’t differ much from those in 2018. The total amount of insurance payments in 2019 in this segment stood at 61.4 million manat ($36.1 million), showing an increase of 1.4 percent, including voluntary health insurance - 60.4 million manat ($35.5 million), or an increase of 1.7 percent.

The amount of compensation paid for general civil liability insurance stood at 1 million manat ($637,646), having decreased by almost twice.

Payments in the compulsory insurance segment increased significantly - reaching 80.6 million manat ($47.4 million), thereby demonstrating an increase of 12.8 million manat ($7.5 million), or almost 19 percent.

In the field of compulsory insurance against industrial accidents and occupational diseases, the value of insurance payments slightly decreased compared to 2018, reaching 3.1 million manat ($1.8 million) compared to 3.136 million manat ($1.844 million) in 2018), while the value of payments regarding compulsory liability insurance for vehicle owners, on the contrary, increased significantly to 67.2 million manat ($39.5 million), having grown by 13.7 million manat ($8 million) compared to 2018 (an increase of 25.6 percent).

This is while the value of payments regarding mandatory property insurance reached 5.4 million manat ($3.1 million), having increased by 34.5 percent.

There are 22 insurance companies and one reinsurance company in Azerbaijan.

($1= 1.7 manat on Feb. 12)

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