The indicator of average return on assets (ROA) for the life insurance market in the last year fell by almost half - 8.1 to 15.9% in 2013. This is due to an increase in the proportion of payments - until 2014 the ratio of benefits to premiums in this segment amounted to no more than 7%, now - up to 15%, although in the framework of insurance against accidents at work on June 1, is 4.6%.
Slightly better is the situation in general insurance - there was also a margin of 8.1% (in 2013 - 11.2%).
The index average return on equity (ROE) for the life insurance market is also reduced - in the last year of 20.5%, a year earlier - 37%, again slightly better than in the general insurance 12.8% to 17.8%.
In 2014, there were 27 insurance companies and one reinsurance company. --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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