BAKU, Azerbaijan, May 5
By Yusif Aghayev - Trend:
Azerbaijani non-life insurance companies collected 173.1 million manat ($101.8 million) of premiums in the 1st quarter of 2020, which is 23,4 million manat ($13.8 million) or 15.7 percent more than in the same period of 2019, Trend reports referring to a report by the country’s Central Bank.
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 an increase by 12.6 million manat ($7.4 million) or 13.8 percent from the 1Q2019 figures.
During the reporting period, the collection for voluntary medical insurance showed surge by almost 10 percent, amounting to 62.5 million manat ($36.7 million).
Property insurance fees made up 39.9 million manat ($23.5 million), which is over 20 percent more compared to the first quarter of last year.
Collections on compulsory types of non-life insurance increased by 10.8 million manat ($6.3 million), or 18.6 percent. Particularly high uprise was registered in compulsory real estate insurance, for which premiums in the amount of 17.8 million manat ($10.5 million) were collected, and which is almost half more than the figures for the same period of 2019. This was mainly due to collection of compulsory insurance fees for real estate owned by an individual in result of stir over this type of insurance in the late 2019 and early 2020, caused by disseminating of information on imposing fines in respect of all persons evading the execution of contracts for this type of insurance.
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. Some 18 of the companies operate in non-life insurance segment.