Most unprofitable type of insurance disclosed in Azerbaijan
BAKU, Azerbaijan, March 5
By Yusif Aghayev – Trend:
The biggest payments in the Azerbaijani insurance market are still made in the voluntary life insurance, Trend reports referring to the Azerbaijani Central Bank.
Meanwhile, the survival insurance related to the voluntary life insurance is still the most unprofitable type of insurance in Azerbaijan.
The loss ratio for this type in January 2020 amounted to 89.8 percent, which shows a slight increase compared to January 2019, when the loss ratio was 87.8 percent, the bank said.
At the same time, fees for this type greatly increased from 8.4 million manat ($4.9 million) in January 2019 to 13.3 million manat ($7.8 million) in January 2020 (an increase of almost 63 percent).
In general, the loss ratio in the voluntary life insurance in January 2020 amounted to 74.5 percent, demonstrating an increase of 10 percent compared to the loss as of January 2019.
A great increase in insurance claims payment in the amount of 19,266 million manat ($11.3 million) was observed in voluntary types of insurance in Azerbaijan in January 2020, which is 8.4 million manat ($4.9 million) more than in January 2019, which shows an increase in payments by 78 percent.