BAKU, Azerbaijan, March 2
Yusif Agayev – Trend:
The dynamics of the development of insurance premium collections carried out by insurance companies in Azerbaijan in January 2020 demonstrated a steady growth, Trend reported, citing a published report of the country's Central Bank.
In general, insurance companies in Azerbaijan collected insurance premiums in the amount of 111.550 million manats in January 2020, which is 23.355 million manats or 26.4 percent more than in January 2019.
For voluntary types of insurance, 91.235 million manats of premiums were collected, which is 18.647 million manats more than in January 2019, indicating an increase of almost 26 percent. Strong growth was recorded in the segment of voluntary life insurance, where fees amounted to 16.244 million manats, which is 4.703 million manats or 40.7 percent higher than in January 2019. This suggests that interest in this type of insurance is increasing, in contrast to the sharp decline that took place last year, due to changes in tax legislation.
In the segment of voluntary types of non-life insurance, there is also a significant increase in the collection of insurance premiums – 74.991 million manats, which is 13.943 million manats or 22.8 percent more than in January 2019. In this segment, insurance premiums were collected for property insurance in the amount of 22.664 million manats (an increase of more than 50 percent), for personal insurance in the amount of 52, 326 million manats (an increase of more than 13 percent), including for voluntary medical insurance in the amount of 51.838 million manats (an increase of almost 14 percent).
In recent years, traditionally, health insurance fees in January make up about half of all annual fees for this type.
For civil liability insurance, fees amounted to 4.815 million manats (an increase of 16.5 percent). Loan insurance fees have sharply decreased, falling by more than 2 times.
There are 22 insurance companies and one reinsurance company in Azerbaijan.