BAKU, Azerbaijan, April 2

Yusif Agayev – Trend:

The amount of insurance payments made by insurance companies in Azerbaijan in February 2020 has increased significantly compared to February 2019, Trend reports referring to a report issued by the country's Central Bank.

Insurance companies in Azerbaijan paid 49.2 million manat ($29 million) in February 2020, which is 16.1 million manat ($9.5 million), or 48.8 percent more than in the same period of 2019.

Voluntary insurance payments saw a significant increase, reaching 34.1 million manat ($20.1 million) in February 2020, which is 12.8 million manat ($7.5 million), or 60 percent more than in February 2019.

Significant increase was recorded in voluntary life insurance payments, with 20.8 million manat ($12.2 million), which is 9.1 million manat ($5.3 million) or over 77 percent higher than in February 2019.

Azerbaijan saw an increase in voluntary non-life insurance payments standing at 13.3 million manat ($7.8 million), which is 3.7 million manat ($2.2 million) more than in February 2019.

The total amount of property insurance payments amounted to 4.4 million manat ($2.6 million), which is 1.7 million manat ($1 million) or 65 percent more than in February 2019. The amount of compensation paid for voluntary motor vehicle insurance increased to 2.1 million manat ($1.2 million), which is 474,000 manat ($278,820) or almost 28 percent higher than in February 2019.

The amount of payments for voluntary insurance against fire and other risks increased significantly to stand at 1.6 million manat ($900,000) (an increase at about 2.68 times).

The amount of compensation paid for civil liability insurance amounted to 52,200 manat ($30,700) against 205,100 manat ($120,600) in February 2019, a decrease at almost 4 times.

In the personal insurance segment, the total amount of insurance payments in February 2020 amounted to 8.8 million manat ($5.2 million), an increase of almost 1.9 million manat ($1.1 million), or 29 percent.

Payments for voluntary medical insurance increased to 8.7 million manat ($5.1 million), an increase of 1.9 million manat ($1.1 million), or 28 percent.

There are 22 insurance companies and one reinsurance company operating in Azerbaijan.