BAKU, Azerbaijan, Feb.19
By Zeyni Jafarov - Trend:
The volume of voluntary non-life insurance collections grew by nearly 6.6 percent in Azerbaijan in 2020, reaching 253 million manat ($148.8 million) against 237.2 million manat ($139.5 million) in 2019, Trend reports referring to the bulletin of the Azerbaijan Insurers Association (AIA).
According to the bulletin, the share of insurance collections for all types of non-life segment in 2020 amounted to 60 percent of the total insurance market, which in turn is 3 percentage points more than a year before.
Payments for all types of voluntary non-life insurance over the past year, having slightly decreased, amounted to 98.3 million manat ($57.8 million). The share of collections in the total insurance market of the country reached 54 percent, which is one percentage point more than in 2019.
The bulletin also showed that compulsory non-life insurance collections reached 172 million manat ($101.18 million), which showed a decline in annual terms by 2.6 percent. Payments in this classification, having risen by 8.2 percent, equaled 83.85 million manat ($49.3 million).
The share of compulsory non-life insurance of the total insurance market for collections was 40 percent, and for payments - 46 percent.
Compulsory insurance in Azerbaijan is carried out by insurance companies licensed for a certain type of compulsory insurance and included in the Compulsory Insurance Bureau.
Presently, 16 insurance companies licensed to carry out compulsory types of insurance operate in Azerbaijan, including four in the field of life insurance, and eleven - non-life insurance.
(1 USD = 1.7 AZN on Feb.19)
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