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Loss ratio for compulsory insurance types in Azerbaijan down

10 March 2020 20:01 (UTC+04:00)
Loss ratio for compulsory insurance types in Azerbaijan down

By Trend

The loss ratio for compulsory insurance types in Azerbaijan decreased in January 2020, Trend reports referring to the Azerbaijani Central Bank’s data.

In total, insurance companies in Azerbaijan paid insurance indemnities worth 26.747 million manat ($15.7 million). Through levy of insurance premiums worth 112.026 manat ($65.9 million), the loss ratio makes up 23.9 percent which is increase compared to January 2019, when the ratio was 19.5 percent.

Loss ratio for the compulsory insurance types made up 36 percent - collected 20.795 million manat ($12.2 million), paid 7.505 million manat ($4.4 million), which is decline compared to January 2019, when the ratio amounted to 40.8 percent.

In the field of compulsory insurance against industrial accidents and occupational diseases, the loss ratio has sharply declined more than twice compared to January 2019, making up 8.5 percent against 17.4 percent.

In the segment of compulsory types of non-life insurance, the loss ratio was 40%, which is 4.7% lower than in January 2019.

The loss on compulsory liability insurance of vehicle owners, being traditionally high, in January 2020 increased even more to make up 87.5 percent against 83.4 percent in January 2019.

For compulsory real property insurance, in which premiums in January 2020 increased more than twice compared to January 2019, which was due to rush in the market because of spreading reports of fines against citizens who did not insure their houses and apartments, the loss ratio increased slightly, amounting to 7.4 percent (against 5.2 percent in January 2019).

For compulsory liability insurance in connection with using corporate real property and compulsory accident insurance of passengers, payments of insurance indemnities weren’t made, just like in January 2019.

Loss ratio on compulsory insurance of military personnel and law enforcement officers has sharply increased. However, these types are not market ones; their implementation is the exclusive competence of the Azerbaijan State Commercial Insurance Company.

To this date, there are 22 insurance companies and one reinsurance company in Azerbaijan, of which 16 are participants of the Compulsory Insurance Bureau and, thus, are entitled to carry out the relevant types of compulsory insurance.

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