Payments on compulsory types of insurance up in Azerbaijani insurance market in 1Q2020
BAKU, Azerbaijan, May 4
By Yusif Aghayev - Trend:
Azerbaijani insurance companies paid insurance claims on compulsory types of insurance in the amount of 19.6 million manat ($11.5 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 first quarter of 2019 by 3.3 million manat ($1.9 million), which shows an increase of 20 percent compared to the first quarter of 2019.
At the same time, insurance claims on compulsory liability insurance of vehicle owners amounted to 16.3 million manat ($9.6 million), which is by 2.7 million manat ($1.6 million) or almost 20 percent more than in the same period of last year. Thus, the loss ratio on this type of insurance exceeded 84 percent.
The payment of insurance claims on compulsory insurance against accidents at work and occupational diseases decreased up to 603,700 manat ($355,117), demonstrating a decline of 8.5 percent compared to the same period of 2019.
Compulsory real estate insurance payments amounted to 1.4 million manat ($823,529), exceeding the same period of 2019 by 307,000 manat that’s $180,588 (an increase of almost 28 percent).
Compulsory liability insurance payments related to the use of real estate amounted 1,400 manat ($823). The payments on this type of insurance were not made in the first quarter of 2019.
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 4)