BAKU, Azerbaijan, May 15
By Yusif Aghayev - Trend:
The Central Bank of Azerbaijan (CBA) has announced a list of breakeven types of insurance, that is, types, for which in 1Q2020 the local insurance companies collected insurance premiums, but did not pay insurance claims, Trend reports referring to the CBA's report.
The types of insurance indicating the amount of premiums collected for 1Q2020 are:
|
Types of insurance: |
Insurance premium |
|
Disability insurance |
156,800 manat ($92,240) |
|
Incurable disease insurance |
123,100 manat ($72,400) |
|
Insurance of water transport means |
2.034 million manat ($1.2 million) |
|
Employee fraud insurance |
138,000 manat ($81,180) |
|
Professional liability insurance |
489,000 manat ($287,600) |
|
Liability insurance of water transport owners |
75,000 manat ($44,120) |
|
Credit insurance |
11,000 manat ($6,470) |
|
Mandatory insurance of passengers |
41,600 manat ($24,470) |
|
Total: |
3.06 million manat ($1.8 million) |
Insurance claims for the above types of insurance also hadn’t been paid in the first quarter of 2019, except professional liability insurance, for which payments in the amount of 14,500 manat ($8,500).
In 1Q2020, Azerbaijani insurance companies collected insurance premiums in the amount of 240.7 million manat ($141.6 million), which is 39.5 million manat ($23.2 million), or 20 percent more compared to 1Q2019.
During the reporting period of this year, Azerbaijani insurance companies paid 77.06 million manat ($45.3 million) of insurance claims, which is 30.8 million manat or $18.1 million (a growth of 66.6 percent) more than in the same period of 2019.
Today, 22 insurance companies and one reinsurance company operate in Azerbaijan.