BAKU, Azerbaijan, June 19
By Yusif Aghayev – Trend:
Azerbaijani insurance companies paid insurance claims on voluntary type of insurance in the amount of over 22.7 million manat ($13.3 milion) in April 2020, which is 70 percent more compared to the same month of 2019, Trend reports with reference to the published report of the Central Bank of Azerbaijan (CBA).
In monetary terms, the growth of the insurance claims on voluntary type of insurance amounted to 9.3 million manat ($5.4 milion).
This growth was basically achieved due to accumulative life insurance payments of 13.8 million manat ($8.1 million), an increase of 2.4 times.
In the non-life insurance segment, payments increased by 1.304 million manat ($767,058) or 17 percent and exceeded 8.9 million manat ($5.2 million).
The growth was achieved due to large payments for insurance of aircraft, which amounted to 1.317 million manat ($774,705), while in April 2019, payments for this type were not made.
In the same period, payments in the field of personal insurance amounted to 6.4 million manat ($3.7 million), which is 197,000 manat ($115,882) or 3 percent more compared to the same period last year. The situation is similar in the field of voluntary health insurance, where the growth of payments made up 2 percent, having surpassed 6.3 million manat ($3.7 million).
Payments on comprehensive motor insurance exceeded 1 million manat ($588,235), showing a growth of 13 percent over the year. Meanwhile, payments on voluntary property insurance against fires or other risks decreased by more than 30 percent.
Payments on voluntary liability insurance in April 2020 were not made.
In April 2020, the insurance companies of Azerbaijan paid over 28.4 million manat ($16.7 million) of insurance claims, which is 8 million manat ($4.7 million) or 39 percent more compared to April 2019.
Presently, 21 insurance companies and one reinsurance company operate in Azerbaijan.
(1 USD = 1.7 manat on June 19)