The insurance market continued concentration of finance. More than half of premiums (56%) were collected by the top five insurers that have developed relationships with major corporations and are linked to the government and the ruling family.
Thus, by December 1 JSC PASHA Sigorta collected 59.7 million AZN, PASHA Hayat Sigorta collected 50.9 million AZN, Ateshgah Sigorta collected 40.8 million AZN, Azersigorta collected 38.2 million AZN, and Ateshgah Hayat Sigorta collected 35 million AZN.
Together, this amounts to 225 million from 403.1 million manat collected by all the insurers in January-November.
The least of all was collected by Gunay Sigorta (62,000 manat), and the only foreign insurance company overbought by local financiers, Chartis Azerbaijan collected 62,000 manat. These are the only companies that did not collect even 100,000 AZN. The other outsiders showed better indexes. Bashak Inam collected 961,000 manat, Amrah Sigorta collected 818,000 manat, and Azerguarant collected 212,000 manat. --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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