Compulsory insurance has become the locomotive of the development of the local insurance market. The purpose of the Bureau of Compulsory Insurance (BCI) is to develop proposals aimed at its further development, said the executive director of the accumulating entity Elkhan Guliyev in the ongoing in Baku VI Azerbaijan International Insurance Forum (AIIF-2015).
"We need to improve the efficiency of this segment of the insurance market, increase its penetration and insurance services as a whole", he said, noting that in the last year throughout the country were registered more than 3 million properties, with total insured up to 10 % of this volume. With similar problems, but to a lesser extent, car insurance faces - for now insured is about half the total number of registered 1 million 245 thousand vehicles. According to him, it is very low, because the Bureau’s goal is to bring the level of insurance to 90-95% in the next two years.
According to experts, to ensure that the application has become a reality, it is necessary to remove the gaps in the legislation allowing owners of vehicles and property to avoid fines in case of repeated non-acquisition of insurance policies. --17D-
Economics
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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