BAKU, Azerbaijan, April 1

By Yusif Aghayev - Trend:

The dynamics of the development of insurance premiums collected by Azerbaijani insurance companies in February 2020 showed steady growth in the market, Trend reports referring to a report by the Azerbaijani Central Bank.

In general, Azerbaijani insurance companies collected insurance premiums in the amount of 190.7 million manat ($112.2 million) in February 2020, which is 78.7 million manat ($46.3 million), or 70.2 percent more than in January 2020, and 57.2 million manat ($33.6 million) more than in February 2019, which is an increase by 43.6 percent.

Some 123.5 million manat ($72.6 million) of premiums on voluntary types of insurance were collected, which is 19.5 million manat ($11.5 million) more than in February 2019, which testifies to an increase of almost 18.8 percent.

Great growth was observed in the voluntary life insurance segment, in which fees amounted to over 33 million manat ($19.4 million), which is 8.2 million manat ($4.8 million) or 33.2 percent more than in February 2019.

This testifies to the fact that interest in this type of insurance continues to increase as opposed to the sharp decline that occurred last year due to the changes in tax legislation.

The collection of insurance premiums worth 90.4 million manat ($53.2 million) greatly increased in the segment of voluntary types of non-life insurance, which is 11.3 million manat ($6.6 million) or 14.2 percent more than in February 2019.

In this segment, insurance premiums on property insurance in the amount of 31.9 million manat that’s $18.8 million (an increase of more than 22 percent), on personal insurance in the amount of 58.5 million manat that $34.4 million (an increase of more than 10 percent), including voluntary medical insurance worth 57.2 million manat that’s $33.6 million (an increase of almost 10 percent) were collected.

Liability insurance fees totaled over seven million manat (an increase of more than three percent). The loan insurance fees sharply decreased, having decreased by more than two times - from 14,300 manat ($8,411) to 6,700 manat ($3,941).

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