Payments on this kind of insurance grew 31-fold in Azerbaijan

12:13 - 8.04.2024

April 8, Fineko/ The premiums on voluntary insurance of goods (transport) observed decline in Azerbaijan, while compensation payments increased.

ABC.AZ informs with reference to Central Bank's report that for Jan-Feb 2024, the premiums on this type of insurance amounted to 1.34 million manats (128,000 manats or 11% less versus Jan-Feb 2023).

Over Jan-Feb 2023, this figure reached 1.163 million manats.

During this period, payments on this insurance totaled 75,000 manats (73,000 manats or 31-fold more than a year earlier).

The insurance payments were carried out for 2,000 manats.

The loss rate for the reported term was 7%.