Pandemic caused sharp decline of premiums on mandatory real estate insurance


July 9, Fineko/abc.az. From December 2019 to March 2020 the product of compulsory real estate insurance clearly saw an increase of 94% compared with 2019. However, the conditions of the pandemic have led to changes in the activities of insurance companies in different directions.

ABC.AZ reports that this is stated in the message of Azerbaijan Insurers Association.

As a result, sales of real estate on mandatory insurance have sharply decreased compared with other months. This, in turn, affected the premiums for the reported period. In accordance with the lockdown rules for people, spending this period at home led to an increase in the number of incidents, resulting in a 7% increase in payments for April and May compared to the same period of last year. On the contrary, there was a 26% decrease in premiums for the same period versus the same term of 2019.