Voluntary property insurance also decreased by AZN 8 million


February 17, Fineko/abc.az. Following the results of 2019 the insurance market premiums reduced by 6.4%.

ABC.AZ reports that insurance expert Khayal Mammadkhanli has shared his thoughts on the decline of premiums. The expert noted that the decline observed in the market since the beginning of 2019 also significantly fell by the end of the year and eventually manifested itself.

According to the expert, if to talk about the distribution of insurance premiums by class, we will see that this decrease accounts for voluntary insurance, or rather voluntary life insurance: "So, if in 2018 this type of insurance collected AZN 254 million of premiums, in 2019 this figure decreased by AZN 88 million, that is, by 34% and amounted to AZN 166 million. The cause of this decrease was the reduction in tax and social benefits provided for by the legislation on life insurance, indirectly a decrease in interest to this type of insurance and statistics. The next type of insurance that has seen a decline among other types of voluntary insurance is voluntary property insurance, which has seen a decrease of AZN 8 million compared with 2018. And as for other types of insurance, either the figures have not changed much, or there is a slight increase or decrease."