Dynamics of dev't of insurance fees in Azerbaijan in Jan. 2020 by mandatory types

Economy Materials 2 March 2020 09:22 (UTC +04:00)
Dynamics of dev't of insurance fees in Azerbaijan in Jan. 2020 by mandatory types

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 of the market, Trend reports, 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 manat in January 2020, which is 23.355 million manat or 26.4 percent more than in January 2019.

Fees in the compulsory insurance segment also increased significantly - up to 20.315 million manat, showing an increase of 4.708 million manat, or more than 30 percent.

In the field of compulsory insurance against industrial accidents and occupational diseases, the increase in premiums amounted to 0.343 million manat, increasing to 2.585 million manat compared to January 2019 (an increase of more than 15 percent), and in motor vehicle owners' liability insurance - 0.22 million manat, increasing to 6.731 million manat compared to January 2019 (an increase of 3.4 percent).

Mandatory real estate insurance showed record growth - almost 70 percent compared to January 2019, increasing to 10.1 million manat. This was due to the excitement observed at the end of last year, provoked by reports of mass application of penalties against individuals who did not insure their real estate.

In January 2020, the collection of premiums for mandatory insurance against accidents of passengers was registered - in the amount of 5.9 million manat. In January of last year, no fees were recorded for this type.

In Azerbaijan, in accordance with the legislation, there are five mandatory types of insurance in the non-life insurance segment and one type in the life insurance segment. In addition, there are several special types of compulsory insurance (military personnel, law enforcement officers, etc.), the implementation of which is the exclusive responsibility of the State commercial insurance company of Azerbaijan.

Compulsory insurance in Azerbaijan is carried out by insurance companies that have a license for a certain type of compulsory insurance and are part of the compulsory insurance Bureau. At

Today there are 22 insurance companies and one reinsurance company in Azerbaijan.