BAKU, Azerbaijan, Mar.10
By Zeyni Jafarov – Trend:
The assets of the insurance sector of Azerbaijan decreased by 4.1 percent in 2020, having equaled 1.34 billion manat ($790 million), the report of the Cabinet of Ministers stated, Trend reports on Mar.10.
According to the report, the decrease was due to liquidation of 3 companies (AXA Mbask, Amrah Sigorta and Standard Insurance).
Insurers' investments in government securities shrank by 7.2 percent over the year, to 436 million manat ($256.4 million), and in non-government securities - by 4.75 percent, to 80.2 million manat ($47.18 million).
Funds in deposit accounts of the insurance sector amounted to 313.5 million manat or $184.4 million (a decrease in annual terms by 13.5 percent). Besides, other assets in cash grew by 19 percent and reached 121.3 million manat ($71.3 million), and other assets - by 2.5 percent, up to 388.5 million manat ($228.5 million).
By the end of 2020, the amount of insurance collections by Azerbaijani insurers made up 728.6 million manat ($428.6 million), and insurance payments - 465.1 million manat ($273.6 million), showing year-on-year growth of 7 and 54 percent, respectively.
(1 USD = 1.7 manat on Mar.10)
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