BAKU, Azerbaijan, June 19
By Yusif Aghayev – Trend:
Azerbaijani insurance companies paid insurance claims on compulsory types of insurance worth 5.6 million manat (nearly $3.3 million) in April 2020, Trend reports referring to a report published by the Central Bank of Azerbaijan.
The indicated amount is lower than it was in same month of last year by 1.3 million manat ($760,000), - a drop of 19 percent.
The most significant drop in the payment of insurance claims accounted for compulsory third party liability insurance of motor vehicle owners - 4.6 million manat ($2.7 million), which is 1.4 million manat ($840,000) or 23 percent less than in April of 2019.
The main reason is the restrictive measures introduced in April due to the special quarantine regime amid the COVID-19 spread, which in turn resulted in non-use of motor vehicles by most owners, decrease in number of traffic accidents and loss ratio on this type of insurance.
In the reporting month, the compulsory real estate insurance payments more than doubled to make up 808,000 manat ($475,290) against 390,000 manat ($229,410) in April 2019, suggesting growing interest in this type of insurance, the payments on which have greatly increased in 1Q2020.
The payment of insurance claims on compulsory insurance against industrial accidents and occupational diseases also showed two-fold rise, topping 100,000 manat ($58,820). Due to digitalization the payments of this type of insurance also demonstrate steady increase.
The Azerbaijani insurance companies paid the insurance claims worth 28.4 million manat ($16.7 million) in April 2020.
The amount of the insurance claims paid in the reporting month was by 8 million manat ($4.7 million) or 39 percent more than in April 2019.
Today, 21 insurance companies and one reinsurance company operate in Azerbaijan.
(1 USD = 1.7 AZN on June 19)
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