BAKU, Azerbaijan, June 12
By Yusif Aghayev – Trend:
The Azerbaijani insurance companies paid the insurance claims on compulsory types of insurance worth 25.3 million manat ($14.9 million) from January through April 2020, Trend reports referring to a report published by the Central Bank of Azerbaijan.
The indicated amount exceeds the indicator of the same period of last year by 1.9 million manat ($1.1 million), which is an increase of 8.5 percent.
The payment of insurance claims on compulsory third party liability insurance of motor vehicle owners amounted to 20.9 million manat ($12.3 million), which is 1.3 million manat ($764,705) or 6.4 percent more than in the same period of last year.
At the same time, the loss ratio on this type of insurance amounted to 80 percent, slightly decreasing compared to the results of the first quarter of this year, when it was more than 84 percent. The reason is the restrictive measures introduced in April in connection with the special quarantine regime amid coronavirus spread.
The payment of insurance claims on compulsory insurance against industrial accidents and occupational diseases slightly decreased up to 703,700 manat ($413,941), demonstrating a decline of 1.5 percent compared to the same period of last year.
The compulsory real estate insurance payments amounted to 2.2 million manat ($1.3 million), exceeding the same period of last year by 724,000 manat ($425,882), increasing by almost twofold (46.7 percent). The payments on this type have greatly increased compared to the data for the first quarter of this year, having increased by 1.57 times for a month.
Compulsory liability insurance payments related to the use of real estate were made in the amount of 1,400 manat ($823).
The payments on this type of insurance were not made in the first quarter of last year.
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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