AZERBAIJAN: Coronavirus pandemic has led to a sharp reduction of MTPL premiums and claims

3 August 2020 — Marina MAGNAVAL
The impact of the coronavirus pandemic has led to a decrease in cars usage, therefore to a decrease of MTPL claims. In May 2020, the total volume of claims paid dropped by 94% y-o-y, as Trend reports citing the Association of Insurers of Azerbaijan figures.

The Association noted that for the first five months of 2020, the GWP in the MTPL segment decreased by 18% y-o-y. In April alone, the GWP volume dropped by 43% compared to April 2019.

The experts of the Association also noted that initially for 2020 they expected the insurance market to grow by 6-7%. However, under the current circumstances, the main target is not to increase total market volume, but to maintain financial stability of the insurance sector.

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