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Types of insurance in Azerbaijan that observed an increase in premiums

06.08.2020,13:04


August 6, Fineko/abc.az. Among the types of voluntary insurance, premiums on life insurance increased by 20% and on non-life insurance by 8%.

ABC.AZ reports that this is noted in the review of the Center for Analysis of Economic Reforms & Communications, related to the insurance market.

The review says that a 32% increase in life insurance premiums had a significant impact on the increase in overall premiums. It is no accident that the banking and stock markets have become more exposed to recent influences, and given the current uncertainty, interest in the insurance market is increasing. For this reason, there was an increase in both premiums and compensation payments in this area of insurance.

The increase in personal insurance premiums was 7% on life insurance due to medical insurance, and on property insurance 8% due to animal insurance and cargo insurance in agriculture. The main cause of the increase in compensation payments was the growth on life insurance.