Azerbaijan's voluntary insurance fees soar in 1Q2020, CBA data says
BAKU, Azerbaijan, May 1
By Yusif Aghayev - Trend:
Azerbaijani insurance companies collected 160.5 million manat ($94.4 million) of premiums on voluntary types of insurance in the 1st quarter of 2020, which is 30.5 million manat ($17.9 million) or 23.5 percent more than in the same period of 2019, Trend reports referring to a report by the Azerbaijani Central Bank.
Meanwhile, fees in the voluntary life insurance segment amounted to over 56.4 million manat ($33.2 million), which is 17.9 million manat ($10.5 million) or 46.5 percent more than in 1Q2019. In particular, fees for accumulative life insurance collected by domestic companies amounted to over 45.6 million manat ($26.8 million), which is 16.6 manat ($9.7 million) or 57.2 percent more than in the last year’s 1st quarter.
This testifies to the revived interest for this type of insurance as efficient investment tool.
The collection of insurance premiums in the segment of voluntary types of non-life insurance made up 104 million manat ($61.2 million), which shows boost by 12.6 million manat ($7.4 million) or 13.8 percent from the 1Q2019 figures.
The fact indicates a steady growth in domestic insurance sector, which was safe even from downturn observed in the market in March 2020 due to introducing the restriction measures under the pandemic-related special quarantine regime.
In total, during the reporting period Azerbaijani insurance companies collected over 240.7 million manat ($141.6 million) of insurance premiums. The collected premiums made up almost 39.6 million manat ($23.2 million), or approximately 20 percent, more than in the same period of 2019.
Presently 22 insurance companies and one reinsurance company operate in Azerbaijan.