BAKU, Azerbaijan, June 30
By Yusif Aghayev – Trend:
Azerbaijani insurers collected voluntary insurance premiums worth 242.3 million manat ($142.5 million) from January through May 2020, which is 29.6 million manat ($17.6 million) or 14 percent more compared to the same period of 2019, Trend reports citing the report of the Central Bank of Azerbaijan (CBA).
Although the voluntary insurance market shows the dynamics of increasing collection of premiums in relation to last year's indicators, it’s gradually decreasing. So, if in the first quarter of this year, the dynamics showed an increase in collections by over 23 percent, in January through April 2020 - by 19 percent, then in the first 5 months the growth was only 14 percent.
The indicated figures show the growth of the country’s insurance market in spite of the falling economic activity in April related to anti-coronavirus quarantine regime and relative special restrictions applied for certain activities.
However, a decrease in growth dynamics indicates a slight decline in the voluntary insurance segment, which is associated with the negative economic consequences of the spread of the COVİD-19 pandemic in the country.
From January through May 2020, the insurance companies of Azerbaijan collected 355.9 million manat ($209.3 million) of insurance premiums, which is 36.6 million manat ($21.5 million) or approximately 11.5 percent more compared to the same period of the previous year.
Currently, 21 insurance companies and one reinsurance company operate in Azerbaijan.
(1 USD = 1.7 manat on June 30)