Collections of "Ipek Yolu Insurance" company, which specializes in air transport insurance, decreased sharply in January of this year.

"APA-Economics" reports with reference to the Central Bank of Azerbaijan that the collections of the insurance company decreased by 9.8 times or 4.6 million manats compared to January of last year and decreased to 524 thousand manats.

Thus, in January 2022, the insurance company was able to collect insurance premiums of 5.1 million manats.

Despite the sharp decrease in insurance collections, the loss index of "Silk Road Insurance" is very low -2.8%.

This is because the insurance payments are very low.

The insurance company made an insurance payment of 15,000 manats in January of this year.

In the first month of last year, this figure was only one thousand manats.

The sharp decrease in insurance collections from "Ipek Yolu Insurance" has been clarified.

"The reason for this is the increase in the duration of insurance contracts related to airplanes from 6 months to 1 year. So, if the insurance contracts concluded every year covered the months of January-June, this year a 1-year contract was signed in July. This affected the statistics on insurance collections." - said the insurance company.

It should be noted that "Silk Road Insurance" was established in 1995.

Its authorized capital is 14.77 million manats.

96.53% of the company's shares belong to "ASG Business Aviation" LLC, and 3.47% to "Azerbaijan Airlines" CJSC.