Azerbaijan's insurance sector assets down by 4%

As of late 2020, the assets of the Azerbaijani insurance sector exceeded 1.339 billion manats (over $788.4 million).

Report informs that this figure is 4.15% less than at the end of 2019.

The recession is associated with the voluntary withdrawal of the AXA Mbask company and Amrah Insurance OJSC from the insurance market and deprivation of Standard Insurance OJSC of its license.

Since the beginning of this year, investments in securities amounted to 516.2 million manats ($303.8 million) or 38.5% of the sector's assets. It is 6.9% less than compared to early 2020. Insurers' investments in government securities decreased by 7.2% to 436 million manats ($256.6 million), while investments in non-government securities fell by 4.75% to 80.2 million manats ($47.2 million).

During the reporting period, funds in the sector's deposit accounts decreased by 13.5% to 313.5 million manats ($184.5 million). Other monetary assets increased by 19% to 121.3 million manats ($71.39 million), and other remaining assets went up by 2.5% to 388.5 million manats ($228.6 million).