BAKU, Azerbaijan, March 1
Yusif Agayev – Trend:
The amount of insurance payments made by insurance companies in Azerbaijan in January 2020 has increased significantly compared to January 2019, Trend reports citing a report released by the country's Central Bank.
Insurance companies in Azerbaijan paid 26.185 million manats in January 2020, which is 9.029 million manats or 52.6 percent more than in the same period of 2019.
Voluntary insurance payments saw a significant increase, reaching 19.226 manats in January 2020, which is 8.432 million manats, or 78 percent more than in January 2019.
Significant increase was recorded in voluntary life insurance payments, with 12.094 million manats, which is 4.652 million manats or 62.5 percent higher than in January 2019.
Moreover, Azerbaijan saw a record increase in voluntary non-life insurance payments standing at 7.132 million manats, which is 3,780 million manats or 2.13 times more than in January 2019.
The total amount of property insurance payments amounted to 1.354 million manats, which is 0.640 million manats or 5 percent more than in January 2019. The amount of compensation paid for voluntary motor vehicle insurance increased to 0.974 million manats, which is 0.102 million manats or almost 12 percent higher than in January 2019.
The amount of payments for voluntary insurance against fire and other risks increased slightly by 1,600 manats, amounting to 0.328 million manats (an increase of about 0.4 percent).
The amount of compensation paid for civil liability insurance amounted to 13,700 manats, an increase of 5,700 manats.
In the personal insurance segment, the total amount of insurance payments in January 2020 amounted to 5.778 million manats, an increase of 3.716 million manats.
The reason for this growth was a sharp increase in payments for voluntary medical insurance, which amounted to 5.727 million manats, an increase of 3.685 million manats.
There are 22 insurance companies and one reinsurance company operating in Azerbaijan.