TODAY.AZ / Arts & Entertainment

Azerbaijan boosts insurers' premiums in Q1 2020

05 May 2020 [13:35] - TODAY.AZ

By Azernews


By Ayya Lmahamad

Total premiums of insurers in Azerbaijan in January-March 2020 amounted to AZN 240,7 million ($141.6 million) that is 19.7 percent more than the same period last year, the Central Bank of Azerbaijan reported on April 30.

Insurers' premiums on voluntary types of insurance for the reporting period with a 23.5 percent growth amounted to AZN 160,5 ($94.4 million).

Additionally, life insurance premiums amounted to AZN 56,4($33.2 million) with a 46.5 percent growth, on insurance other than life - AZN 104 million 76.3 million ($61.2 million) with a 13.8 percent growth.

In January-March, the premiums on compulsory types of insurance amounted to AZN 80,2 million ($47.2 million) with a 12.7 percent growth.

For the reporting period the most premiums were collected on medical insurance ($36.7 million), life insurance ($26.8 million) and MTPL insurance ($11.3 million). Premiums on these three types of insurance provided 53 percent of insurers' incomes in the reporting period.

In January-March 2020 the insurers directed AZN 77,6 million ($45.3 million) for indemnity on insurance cases that is 66.7 percent more than in Q1 of last year.

Payments of insurers on voluntary kinds of insurance for the reporting period were 74.6 percent of all indemnities in the market and amounted to AZN 57,4 million ($33.7 million). At the same time, payments on life insurance totaled AZN 35,4 million ($20.8 million) with 2.3 times growth, payments on insurance other than life - AZN 21 million 994.2 thousand ($12.9 million) with 49.2 percent growth.

In January-March 2020, AZN 19,6 million ($11.5 million) was paid out for compulsory insurance types.

In the reporting period, the insurers paid most of all for life insurance (20.6 million), MTPL insurance ($9.6 million) and voluntary medical insurance ($6.3 million). Payments on these three types of insurance provided in the reporting period 80.8 percent of all indemnities in the market.

As of the end of March 2020, 22 insurance companies had a license for activity in Azerbaijan.

URL: http://www.today.az/news/entertainment/193524.html

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