BAKU, Azerbaijan, June 11
By Yusif Aghayev - Trend:
Azerbaijani insurers collected the fees on compulsory types of insurance in the amount of 101.5 million manat ($59.7 million) from January through April 2020, which is over 12.4 million manat ($7.3 million) or almost 14 percent more than in the same period of 2019, Trend reports referring to the published report of the Central Bank of Azerbaijan.
In the reporting period, the fees on compulsory insurance against accidents at work and occupational diseases amounted to 21.7 million manat ($12.7 million), which is nearly 3.7 million manat ($2.1 million) or 20.4 percent more than from January through April last year, and almost twice more than in 1Q2020 (11.2 million manat or $6.6 million).
Fees for compulsory types in the non-life insurance segment increased by 8.7 million manat ($5.1 million), reaching 79.7 million manat ($46.8 million), which shows an increase of 12.3 percent compared to the same period in 2019.
The fees on compulsory liability insurance of vehicle owners (OSAGO) decreased, amounting to 26.2 million manat ($15.4 million) from January through April 2020, which is 2,966 manat ($1,740), or 10.2 percent less than in the same period last year. This testifies to a decrease of insurers' interest in this type of insurance because of its high loss rate, as well as is connected with application of restrictions due to introduction of special quarantine regime in the country in April 2020 amid COVID-19 pandemic.
The volume of collected premiums for compulsory real estate insurance continued to grow. In the first four months of 2020, they amounted to 21.3 million manat ($12.5 million), which is 8.4 million manat ($4.9 million) or 66 percent higher than the same period last year.
The collected fees on other types of compulsory insurance also showed growth. Thus, the fees on compulsory liability insurance related to the use of real estate amounted to 175,500 manat ($103,240) in the first 4 months of 2020 compared to 166,800 manat ($98,120) in the same period of 2019, while the amount of fees on compulsory passenger insurance increased by almost 14 percent, reaching 74,900 manat ($44,060).
Azerbaijani insurance companies collected the fees worth 311.3 million manat ($183.1 million) in the first four months of 2020, which is46 million manat ($27 million) or approximately 17.3 percent more than in the same period of 2019.
Presently, 21 insurance companies and one reinsurance company operate in Azerbaijan.
(1 USD = 1.7 AZN on June 11)