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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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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