BAKU, Azerbaijan, June 11
By Yusif Aghayev – Trend:
Azerbaijani insurance companies paid the insurance claims on voluntary types of insurance worth 80.3 million manat ($47.2 million) from January through April 2020, Trend reports referring to a report published by the Central Bank of Azerbaijan.
The amount exceeds the indicators of the same period of 2019 by 36.9 million manat ($21.7 million), which shows an increase by 1.85 times. At the same time, the amount of payments on voluntary life insurance reached 49.3 million manat ($29 million), which exceeds the figures for the same period of 2019 by 21.3 million manat ($12.5 million) or 2.35 times.
The payments on accumulated life insurance amounted to 48.9 million manat ($28.8 million), demonstrating the growth commensurate with the general dynamics of growth in the payments in the segment of voluntary life insurance.
This was conditioned by the maturity of fulfilling the obligations on this type of insurance, which showed a high level of sales in 2017.
The payments also increased in the non-life insurance sector by reaching 30.9 million manat ($18.2 million), which exceeds the same data for the first four months of 2019 by 8.6 million manat ($5.05 million) or by 38 percent.
The payments greatly increased in the personal insurance segment by reaching 23.6 million manat ($13.9 million), which exceeds the same indicators of last year by 6.3 million manat ($3.7 million) or 36 percent. Thus, the payments increased by more than twofold during one month compared to the first quarter of 2020.
Thus, the payments in this segment 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 vast majority of payments - 99 percent - accounted for the voluntary health insurance, the dynamics of growth of which correspond to the overall dynamics of growth in the segment.
The payments in the field of property insurance greatly increased from 5.07 million manat ($2.9 million) to 7.4 million manat that’s $4.3 million (an increase of 2.3 million manat that’s $1.3 million or 45.6 percent).
This was mainly connected to a multiple increase in aircraft insurance payments, which reached 1.6 million manat ($941,176), which is almost 80 times more than in the same period of last year.
The payments slightly increased in the segment of voluntary property insurance against fires and other risks, reaching 948,000 manat that’s $557,647 (an increase of 99,000 manat that’s $58,235).
In accordance with the results of the first quarter, the published report included the data on payments made on this type in the amount of 6.9 million manat ($4.05 million). However, as it turned out, this was connected with a technical error and in fact payments for the first quarter of 2020 on this type amounted to 869,000 manat ($511,176).
The Azerbaijani insurance companies paid the insurance claims worth 105.6 million manat ($62.1 million) from January through April 2020.
The amount of the insurance claims paid from January through April 2020 was by 38.9 million manat ($22.9 million) more than in the same period of 2019.
Today, 21 insurance companies and one reinsurance company operate in Azerbaijan.
(1 USD = 1.7 AZN on June 11)
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