The Bureau of Compulsory Insurance (BCI) informs that in January-June (http://isb.az/2016-ci-ilin-ilk-alti-ayi-erzinde-avsmmis-uzre-11-6-milyon-manat-mebleginde-sigorta-odenisi-heyata-kecirilmisdir) 13 of its members concluded 527,894 contracts (+ 11% over the same period last year) in the mandatory civil liability of owners of vehicles (CTP), receiving 42.3 million AZN (+ 16%) in the form of bonuses.
Payments by the insurers amounted to 11 million 577.85 thousand AZN (minus 3%).
CTP contracts on new terms and new tariffs are valid from 16 December 2011. According to them, the base rate by a factor of 1 is 50 AZN (valid for vehicles with an engine capacity of 1500 cubic cm). This includes motorcycles and agricultural machinery.
The maximum rate - 5 for heavy vehicles with an engine capacity of more than 5 thousand cubic cm, and their owners pay 250 AZN a year.
The sum covered for proven damages is 5,000 AZN, with damage to property and health of each passenger and a pedestrian, at a total limit of payments coming to 55,000 AZN.
Thirteen insurers collected 76.37 million AZN on CTP last year. --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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