BAKU, Azerbaijan, June 17
By Yusif Aghayev – Trend:
Azerbaijani insurers collected premiums on voluntary types of insurance in the amount of 49.2 million manat ($28.9 million) in April 2020, which is 3 million manat ($1.7 million) or 6.5 percent more compared to April 2019, Trend reports citing the report of the Central Bank of Azerbaijan (CBA).
The amount of collections on voluntary life insurance surpassed 37.4 million manat ($22 million), demonstrating a growth of 3.5 million manat ($2 million) or 10.3 percent over the year.
“In the reporting month, collections on universal life insurance demonstrated strong growth of 5.7 million manat ($3.3 million) or 19 percent on an annualized basis, having reached 35.7 million manat ($21 million). These developments show a growing trend of interest in this type of insurance, observed from the beginning of 2020,” said the report.
"On the contrary, collections on death insurance decreased by more than 2 times over the year, amounting to 1.6 million manat (about $900,000). This indicator was 3.5 million manat ($2 million) in April 2019. The decrease is related to the imposed special quarantine regime in April and applied relevant restrictive measures," the report noted.
The specified type of insurance is usually used in processing of bank loans, being a kind of guarantee for the creditor bank in case of the death of the debtor.
In April 2020, Azerbaijani insurance companies collected 70.5 million manat ($41.4 million) of insurance premiums, which is 6.4 million manat ($3.7 million) or over 10 percent more compared to April 2019.
Presently, 21 insurance companies and one reinsurance company operate in Azerbaijan.
(1 USD = 1.7 manat on June 17)
