BAKU, Azerbaijan, June 8
By Zeyni Jafarov - Trend:
Azerbaijan’s insurance market coped to avoid large-scale negative effects from coronavirus (COVID-19) pandemic despite certain drop tendency in various economic sectors and segments, Managing Director of the Azerbaijan Insurers Association (AIA) Elmar Mirsalayev told Trend.
According to Mirsalayev, a relatively negative impact from the pandemic was noted in the local insurance market in January and February of 2021, but it changed into a positive tendency in the 1Q2021.
From January through March of this year, the insurance fees of Azerbaijani companies amounted to 248.9 million manat ($146.4 million), which is 8.2 million manat ($4.8 million) more than in the same period of 2020, he said.
Besides, according to him, a similar growth tendency was recorded in insurance payments. So, in the first three months of this year, insurance payments made amounted to 145.3 million manat ($85.4 million), which in turn is 68.3 million manat ($40.1 million) more over the year.
"In general, insurance fees exceeded the total payments by more than eight times, which is a positive fact. Ensuring the dynamics of growth in the insurance fees is a clear evidence of the successful and persistent resistance of the local insurance market to the challenges of the pandemic, and a growth in the insurance payments is an indicator of the high activity of insurance companies in the country", said the managing director.
The dynamic growth will be also relevant for the next medium and long terms, as every day steps are being taken to raise interest in the insurance services from existing and potential insurers, and in this direction, according to the growth of fees, real results are being achieved.
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