In January-June, the insurance companies of Azerbaijan raised AZN 198.02 million. This is significantly more than the result of the first half of 2012, when it was accumulated premiums 169.46 million manat.
As predicted by the local experts at the beginning of the year just two insurance companies, the head of state relatives have become leaders in their segment. The champion is the notorious Pasha Sigorta, which by July 1 accumulated on contracts 29 mln 427,710 manat, which is about 2.6 million more than last year and the result is 14.9% of total premiums collected by 28 participants in the market. The leader in life insurance was Pasha Hayat Sigorta, which accounted for AZN 16 million 165,190 and was the fifth among all insurers.
Thanks to the presidential decree on the development of compulsory insurance of emergency and border protection workers, state-owned AzerSigorta firmly straddled bronze niche with a view to step up, and on account it had 18.43 million manat.
AzSigorta, following six months, collected 21.46 million (the best growth for the month - 6 million) manat with the intention to catch up to the leader.
At this rate of bureaucratic competition we should take into account the lag in comparison to the previous year (17.24 vs. 17.64 million manat) at the forever bronze team Ateshgah, which dropped to the 4th place and is unlikely to be able to rely on the old high places, even with increase in absolute terms. Now the former leader in life insurance Ateshgah Hayat Sigorta is a little behind (6th place) from the business partner with 14.62 million.
At the bottom of the top ten there is also a small rotation of the teams (see the table).
The leader in payments is the company Pasha Sigorta. During the reported period (January to July) it compensated for insurance claims 13.37 million manat, which accounted for 23% of the total index. It expanded mainly through voluntary health insurance of corporate clients (mostly state-owned oil company).
In general, companies from January to end of May, paid 58.1 million manat, which is about 16.6 million manat more than in January-June of last year (41.44 million) - 17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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