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Azerbaijani insurers’ payments on life insurance sharply surge

Economy Materials 13 May 2020 16:57 (UTC +04:00)
Azerbaijani insurers’ payments on life insurance sharply surge

BAKU, Azerbaijan, May 13

By Yusif Aghayev - Trend:

The insurance companies operating in the field of life insurance in Azerbaijan paid out insurance claims in the amount of over 14.7 million manat ($8.7 million) in March 2020, which is 11.2 million manat ($6.6 million) or 4.2 times more than in March 2019, Trend reports referring to the Central Bank of Azerbaijan (CBA).

At the same time, the payments on accumulative life insurance amounted to 14.5 million manat ($8.5 million), which is 11.1 million manat or $6.5 million more compared to the same month of 2019. This mainly corresponds to the general dynamics of voluntary life insurance payments.

As reported previously, the multifold increase in insurance claim payments by the companies operating within life insurance was stipulated by the maturity of deadline for fulfillment of obligations under accumulative insurance contracts and by extremely high level of sales within this type of insurance in 2017.

The death insurance payments in March 2020 increased significantly, reaching 81,000 manat ($47,600) against 78,000 manat ($45,800) in the same month last year.

Meanwhile, payments on compulsory insurance against accidents at work and occupational diseases amounted to 188,000 manat ($110,590), which is 82,000 manat ($48,240) or 73 percent more than in March 2019.

In general, the insurance companies operating in Azerbaijan paid insurance claims in the amount of over 27.7 million manat ($16.3 million) in March 2020, which is 14.6 million manat ($8.6 million) or 2.1 times more than in March 2019.

Today, 22 insurance companies and one reinsurance company operate in Azerbaijan. Only four of them are involved in life insurance.

(1 USD = 1.7 AZN on May 13)

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