Azerbaijan reveals most unprofitable insurance types in 1Q2020

Azerbaijan reveals most unprofitable insurance types in 1Q2020

BAKU, Azerbaijan, May 16

By Yusif Aghayev - Trend:

The Central Bank of Azerbaijan (CBA) has announced the most unprofitable insurance types, i.e. those within which the loss ratio (the ratio of the amount of paid insurance claims to the amount of premiums collected under this type) showed the highest rates in the first quarter of 2020, Trend reports referring to the CBA's report.

The abovementioned types of insurance in comparison with the same indicators of 1Q2019 are as follows:

Types of insurance

1Q2019

1Q2020

Loss ratio

(%)

Insurance premiums

Insurance fees

Insurance premiums

Insurance fees

Termination risk insurance

2,200 manat ($1,290)

0

1,600 manat ($940)

13,200 manat ($7,760)

825,000 manat ($485,290)

Motor third-party liability insurance (MTPL)

20,178 manat ($11,870)

13,645 manat ($8,030)

19,372 manat ($11,400)

16,325 manat ($9,600)

84,000 manat ($49,410)

Accumulative life insurance

29,055 manat ($17,090)

14,544 manat ($8,560)

45,688 manat ($26,880)

35,155 manat ($20,680)

77,000 manat ($45,290)

Property insurance against fire and other risks

10,250 manat ($6,030)

734,200 manat ($431,880)

9,556 manat ($5,620)

6,971 manat ($4,100)

73,000 manat ($42,940)

Comprehensive motor insurance (casco)

5,849 manat ($3,440)

2,564 manat ($1,510)

12,254 manat ($7,210)

3,232 manat ($1,900)

26,000 manat ($15,290)

Livestock insurance

205,800 manat ($121,060)

173,500 manat ($102,060)

673,500 manat ($396,180)

153,100 manat ($90,060)

23,000 manat ($13,530)

Health insurance

56,920 manat ($33,480)

10,916 manat ($6,420)

62,525 manat ($36,780)

10,787 manat ($6,350)

17,000 manat ($10,000)

Air transport owner liability insurance

2,129 manat ($1,250)

0

2,468 manat ($1,450)

242,500 manat ($142,650)

10,000 manat ($5,880)

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.

(1 USD = 1.7 AZN on May 16)

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