BAKU, Azerbaijan, May 5
By Yusif Aghayev - Trend:
The insurance companies operating in the field of life insurance in Azerbaijan paid the insurance claims in the amount of 36.06 million manat ($21.2 million) from January through March 2020, Trend reports referring to the report of the country's Central Bank.
According to the statistics, this amount exceeds the similar indicators of the first quarter of last year by 2.3 times, which was 15.8 million manat ($9.3 million).
At the same time, the payments on voluntary types of life insurance accounted for the vast majority in the indicators - 35.5 million manat ($20.9 million), which is by 2.34 times more than in the first quarter of 2019. The payments on accumulative life insurance worth 35.1 million manat ($20.6 million) hold the leading place.
The multiple increase in payments on this type of insurance was conditioned by the fact that the level of sales within this type of insurance was extremely high in 2017 and the deadline for fulfilling obligations upon the accumulative insurance agreements concluded during that period accounted for the first quarter of this year, PASHA Hayat Sigorta insurance company told Trend.
Payments on compulsory insurance against accidents at work and occupational diseases decreased slightly, amounting to 603,700 manat ($355,117), while the indicator for the first quarter of last year was 661,800 manat ($389,294).
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. 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 5)