BAKU, Azerbaijan, May 4
By Yusif Aghayev - Trend:
Azerbaijani insurance companies operating in the field of life insurance collected insurance premiums in the amount of 67.6 million manat ($39.8 million) in the first quarter of 2020, which is 16.09 million manat ($9.5 million) or 31.2 percent more than in the same period of 2019, Trend reports referring to a report of the country's Central Bank.
At the same time, payments in this field of insurance increased by almost 2.3 times, reaching 36.06 million manat ($21.2 million) in the first quarter of 2020 compared to 15.8 million manat ($9.3 million) in the first quarter of 2019.
This was conditioned by the maturity of obligations on accumulative life insurance, which demonstrated a high level of sales in 2017, Trend previously reported.
The accumulative insurance payments reached 99.1 percent in the total amount of payments on voluntary life insurance in the first quarter of 2020.
As for the compulsory insurance against accidents at work and occupational diseases, both fees and payments decreased in this type of insurance.
Thus, insurance premiums totaled 11.2 million manat ($6.6 million) in the first quarter of 2020, which is 1.8 million manat ($1.05 million) or 14 percent less than in the first quarter of 2019. This was connected to a decrease in economic activity in the country due to the spread of the coronavirus pandemic and the restrictive measures, which are applied within the special quarantine regime.
Azerbaijani insurance companies collected the insurance premiums worth 240.8 million manat ($141.6 million) in the first quarter of 2020. The amount of the collected premiums totaled 39.6 million manat ($23.3 million) in the first quarter of 2020, which is approximately 20 percent more than in the same period of 2019.
Azerbaijani insurance companies paid the insurance claims worth 77.06 million manat ($45.3 million) in 1Q2020.
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. Only four of these insurance companies are involved in life insurance, namely PASHA Hayat Sigorta, Ateshgah Hayat Sigorta, Qala Hayat Sigorta and Xalq Hayat Sigorta.
(1 USD = 1.7 AZN on May 4)