Travel insurance premiums decreased by 47% for 2018


July 9, Fineko/abc.az. In connection with the pandemic for Jan-May 2020, Azerbaijani insurance sector observed the reduction of premiums on all the main types of insurance, ABC.AZ was informed at the Azerbaijan Insurers’ Association.

The rules applied in our country since March to prevent the spread of coronavirus have led to a sharp reduction in travel insurance contracts.

So, if in April and May 2019 there is an increase in premiums on this type of insurance by 39%, in 2020 there is an obvious reduction of 2%. Despite the fact that in the first 5 months of 2019, there was an 18% increase in travel insurance fees compared with the same period of 2018, there is a 47% decrease for the same term of this year against 2019.

As for compensation payments, there is, on the contrary, an increase payments by 47% compared with Jan-May 2019.