The local life insurance company PASHA Hayat Sigorta gathered 54 million 526 thousand manat of premiums last year (+30% or 12 million 623 thousand for the fiscal cycle).
As stated in the press release with reference to the Director of Strategic Development Israil Garayev, during the year 5 times increased insurance payments, amounting to 16 million 350 thousand manat. The increase in payments is reportedly associated with an increase in payments under life insurance, insurance of credit borrowers, as well as compulsory insurance against accidents at work.
OJSC PASHA Hayat Sigorta with registered capital of 40.25 million AZN has been valid from 14 February 2011 on the basis of the license from the Ministry of Finance of Azerbaijan. The sole shareholder is PASHA Holding. --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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