In February 2017 the insurance companies entered into 6,329 contracts of compulsory insurance of immovable property (CIIP), according to the Bureau for Compulsory Insurance.
Insurance fees for CIIP in February amounted to 1,265,386 manat. 4,140 contracts were concluded for houses and apartments, 26 for office buildings, and 2,163 for other real estate.
In comparison with January 2017 the number of insurance contracts decreased by 16% or 1,206 units, and insurance fees decreased by 51.3%, or 1,334,614 manat.
Compared with the same period last year, the number of contracts increased by 7.2%, and the fees increased by 67.4%.
Thirteen insurance companies, that is, Ateshgah, Standard Insurance, Ata Sigorta, Khalg Sigorta, Pasha Sigorta, AXA MBASK, AzSigorta, State Insurance Commercial Company, Mega Sigorta, Ipek Yolu, Azerbaijan Senaye Sigorta, Qala Sigorta, and Gunay Sigorta conclude CIIP contracts. ---71D
Economics
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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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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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