BAKU, Azerbaijan, May 13
By Yusif Aghayev - Trend:
Azerbaijani insurance companies paid insurance claims in the amount of 4.5 million manat ($2.6 million) in March 2020, which is 33,000 manat ($19,411) or fewer than 1 percent less compared to March 2019, Trend reports citing the published report of Central Bank of Azerbaijan (CBA).
During the reporting month, the companies’ insurance claims for compulsory insurance against industrial accidents and occupational diseases amounted to 188,000 manat ($110,588), which is 82,000 manat ($48,235) or 73 percent more compared to the same month of 2019.
Payment of insurance claims on compulsory motor third-party liability insurance (OSAGO) increased by 99,000 manat ($58,235), exceeding 3.8 million manat ($2.2 million), indicating a slight increase of 2.6 percent.
On an annualized basis, payments on compulsory property insurance decreased by 10 times compared to March 2019, amounting to 42,000 manat ($24,705).
In March 2020, payments within compulsory insurance of military personnel and law enforcement officers cumulatively increased by 170,000 manat ($100,000), reaching 433,000 manat ($254,705), showing an increase of 65 percent compared to the same period of 2019.
In total, insurance companies operating in Azerbaijan paid insurance claims in the amount of 27.7 million manat ($16.2 million) in March 2020, which is 14.6 million manat ($8.5 million) or 2.1 times more compared to March 2019.
Presently, 22 insurance companies and one reinsurance company operate in Azerbaijan.
(1 USD = 1.7 manat on May 13)