BAKU, Azerbaijan, April 3

Yusif Agayev – Trend:

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

The insurance companies 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.

Compulsory insurance payments saw a moderate increase, reaching 15 million manat ($8.8 million) in February 2020, which is 3.3 million manat ($1.9 million), or 28 percent.

In the field of compulsory insurance against industrial accidents and occupational diseases, the amount of insurance payments has significantly decreased compared to February 2019, amounting to 416,000 manat ($244,700); compared to 556,000 manat ($327,000) in the reporting period last year, there was a decline of 25 percent. On the contrary, compulsory liability insurance for motor vehicle owners increased to 12.4 million manat ($7.3 million), a growth of 2.5 million manat ($1.5 million) compared to February 2019 (an increase of 26 percent), while compulsory real estate insurance reached 1.3 million manat ($800,000), an increase of 691,000 manat ($406,400) or more than twice.

In the structure of compulsory insurance of military personnel in February 2020, insurance payments stood at 670,000 manat ($394,100), compulsory insurance of employees of law enforcement agencies – 232,000 manat ($136,400), and compulsory insurance in connection with real estate use - 1,400 manat ($823.5).

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 Azerbaijan. In addition, there are several special types of compulsory insurance (military personnel, law enforcement officers and others), 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 the moment, there are 16 such companies.

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

($1 = 1.7 manat on Apr.3)