Payment of compensation on this type of insurance decreased by 94%


July 9, Fineko/abc.az. The minimal decrease in car use cases due to the quarantine regime introduced in Azerbaijan in April and May led to a decrease in the number of compensation payments on car accidents compared with other months.

ABC.AZ reports that that is why the compensation payments on this type of insurance in April 2020 decreased by 23% against the same period of 2019.

Continued isolation measures in May also resulted in a 94% decrease in monthly payments compared with last year. But based on this, we can not say that the current figure is a positive indicator for a product that is 110% necessary for companies during the year.

Restrictive measures taken in April and May led to the renewal of AVSMMIS contracts. Thus, in April 2020, compared with last April, there was a 43% reduction in premiums. In general, there was a decrease of 18% for Jan-May 2020 (versus Jan-May 2019).