Insurance company A-Group, despite the basic profile - medical risks becoming relatively successful automobile insurer. New products provided it in the 1st quarter on this type more than 20% of the total awards (2.2 million manat). It is 2 times less than last year's record result (4.41 million). In 2011 it was 4.38 mln, in 2010 - 3.87 mln, in 2009 - 3.55 million manat. The results of the earlier period are not comparable with those numbers.
Almost all of the income is contributions to voluntary activities. A major reason is the ban on compulsory insurance for those who do not belong in the appropriate office.
Award A-Group for voluntary health insurance (VHI) was 1.69 million manat. Accident insurance had 3.17 thsd and foreign travel - 8.4 thsd manats. Insurance (Hull) of cars brought the company in the last quarter of 424.2 thousand manats and 82,580 AZN was related to property insurance against fire and other risks.
Liability insurance generally brought the company 5.85 thsd manat. Of these, 3.85 thsd was general civil liability, and 1.96 thsd - the responsibility of the employer. The positions of compulsory insurance company in the past year did not collect any manat.
Paid in the first quarter of this year to customers on all cases of voluntary insurance was 1 million 416.02 thousand manats, which is more than 302 thousand less than last year.
Payments for voluntary health insurance (VHI) accounted for 85.6% of all voluntary payments or 1 million 211.8 thousand manats.
For the rest of insurance claims paid were as follows: the owners of vehicles - 203.62 thousand manats, in cases of general civil liability - 600 manat, travel insurance - 7 thousand manats.
Insurance company "A-Qroup" established in 1995 provides services for 14 types of voluntary insurance.
The founders of the company are PhD, president of Medi Club Sabir Adnayev and two other individuals.
Company for many years has been a leader in the collection of premiums and payment of VHI.
Paid-up share capital of A-Group is 5 million 400.2 thousand manats. - 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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