AZERBAIJAN: premiums in motor insurance for the first five months decreased by 18% y-o-y

16 July 2020 —
According to the Association of insurers of Azerbaijan, the pandemic led to a decrease in premiums in all major insurance segments as of the end of May 2020.

For example, travel insurance for January-May saw a drop by 47% (vs growth by 18% in the same period a year before).

On the other hand, a sharp decrease in use of cars led to a decline in paid claims in April-May 2020 for car accidents compared to other months. Thus, in April (if compared to April 2019) paid claims in motor insurance decreased by 23% and in May - even by 94% per month y-o-y. But at the same time, restrictive measures resulted in a decline of premiums as well in April by 43% y-o-y and for January-May premiums dropped by 18% y-o-y.

However, market experts noted an increase in premiums for the first five months - in livestock insurance (+27%), while crop insurance grew up to 7 times y-o-y, portal reports.