BAKU, Azerbaijan, May 3
By Yusif Aghayev - Trend:
Azerbaijani insurance companies paid the insurance claims on voluntary types of insurance in the amount of 57.4 million manat ($33.8 million) in the first quarter of 2020, Trend reports referring to a report of the country's Central Bank.
The indicated amount exceeds the indicators of the same period of last year by 27.5 million manat ($16.2 million), which shows a growth of 1.92 times. At the same time, the amount of payments on voluntary life insurance reached 35.5 million manat ($20.9 million), which is 2.34 times more than in the first quarter of 2019.
The payments on accumulative life insurance amounted to 35.1 million manat ($20.6 million), demonstrating an increase in payments commensurate with the general dynamics of the growth in the segment of voluntary life insurance, which was stipulated by the maturity of obligations on this type of insurance, which showed a high level of sales in 2017.
In the personal insurance segment, payments slightly decreased from 11.01 million manat ($6.5 million) to 10.9 million manat ($6.4 million) compared to the data for the first quarter of 2019. The payments on voluntary medical insurance remained unchanged, amounting to 10.9 million manat that’s $6.4 million (a decrease of 129,000 manat that’s $75,882).
The payments in the segment of voluntary property insurance increased manifold, reaching 6.9 million manat ($4.05 million), thereby increasing by 9.5 times compared to the first quarter of 2019.
At the same time, the payments amounted to 330,000 manat ($194,117) in January 2020, 1.3 million manat ($764,705) in February and 5.3 million manat ($3.1 million) in March.
The payments on cargo insurance increased by more than 2 times, reaching 27,700 manat ($16,294) while payments on insurance of farm animals decreased by 20,400 manat ($12,000), amounting to 153,100 manat ($90,058).
In the civil liability insurance segment, insurance payments amounted to 312,600 manat ($183,882), increasing by 90,700 manat ($53,352), or 41 percent compared to the same period of last year.
At the same time, aviation liability insurance amounted to 242,500 manat ($142,647). The payments on this type of insurance were not made in the first quarter of last year.
Azerbaijani insurance companies paid the insurance claims worth 77.06 million manat ($45.3 million) in the first quarter of 2020.
The amount of insurance claims was by 30.8 million manat ($18.1 million) more than in the same period of 2019, which shows an increase in claims by 66.6 percent compared to the first quarter of 2019.
Today, 22 insurance companies and one reinsurance company operate in Azerbaijan.
(1 USD = 1.7 AZN on May 3)