BAKU, Azerbaijan, June 17
By Yusif Aghayev – Trend:
Azerbaijani insurers collected premiums on voluntary types of insurance in the amount of 49.2 million manat ($28.9 million) in April 2020, which is 3 million manat ($1.7 million) or 6.5 percent more compared to April 2019, Trend reports citing the report of the Central Bank of Azerbaijan (CBA).
In April 2020, the collections on voluntary life insurance increased by over 10 percent compared to April 2019, while the non-life insurance market shrank by almost 4 percent, noted the report.
In the reporting month, the total collections on voluntary types of non-life insurance amounted to 11.8 million manat ($6.9 million), which is 480,000 manat ($282,353) or 3.9 percent less compared to the same month of 2019. At the same time, amount of collections on voluntary health insurance surpassed 4.3 million manat ($2.5 million), having soared by 1 million manat ($588,235) or 32 percent on an annualized basis.
“The collection of premiums on cargo insurance also increased by 25 percent or 65,000 manat ($38,235) over the year, having reached 324,000 manat ($190,588). This is due to an increase in the number of cargo transportation due to the need to deliver goods of various categories to meet the needs of the country in the fight against the spread of coronavirus (COVID-19) infection,” said the report.
“The remaining positions among the voluntary types of non-life insurance show a decline. Property insurance premiums dropped by 17.3 percent or 1.1 million manat ($647,000), falling to the level of 5.6 million manat ($3.2 million),” the report noted.
In this view, premiums on voluntary property insurance against fires and other risks slightly declined by 3.3 percent over the year, while the comprehensive motor vehicle insurance (CASCO) premiums significantly reduced by 81 percent, decreasing by 1.4 million manat ($0.8 million) from 3.1 million manat ($1.8 million) in April 2019 to 1.7 million manat ($1 million) in April 2020.
Voluntary liability insurance premiums decreased by 107,000 manat ($100,000) or 6 percent, exceeding 1.6 million manat ($0.9 million), while loan insurance fees dropped by almost a quarter.
In April 2020, Azerbaijani insurance companies collected 70.5 million manat ($41.4 million) of insurance premiums, which is 6.4 million manat ($3.7 million) or over 10 percent more compared to April 2019.
Presently, 21 insurance companies and one reinsurance company operate in Azerbaijan.
(1 USD = 1.7 manat on June 17)
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