Previously, the most sought-after voluntary car insurance becomes unprofitable. The share of premiums in this segment of the market falls from year to year. For this reason the Association of Insurers of Azerbaijan (AIA) jointly with the State Insurance Supervision Service under the Ministry of Finance of AR held a meeting with 21 actuaries.
The event organizers believe that precise mathematical calculations will help bring the benefits of hull insurance to maximum profitability and revive interest in this type of insurance. "The meeting underlined the need to strictly observe the instructions for the actuarial calculations of the implementation of automobile insurance," the press release of the Association said.
This, according to the panelists, will reduce the average insurance rate that will increase the competitiveness of this market segment. Experts believe that this is a half-measure and as long as the central bank will not allow loans to buy cars in the secondary market, the issue of Hull insurance profitability will not be completely solved. --17D-
Economics
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SOCAR President Rovshan Najaf met with the Minister of State for Petroleum of Pakistan, Musadik Malik, on January 18. According to SOCAR, the discussions covered joint energy projects, achieved outcomes, and cooperation opportunities in various areas, including the trade of petroleum products.
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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Global diesel prices and refining margins have spiked following the latest U.S. sanctions targeting Russian oil trade, as markets brace for reduced supply, analysts and LSEG data indicate.
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