Minimum level of premiums collected by insurance companies - participants of the Bureau of compulsory insurance in the January-November reached 4.2 million manat. An indicator of the benefits of participation in the organization of the Ministry of Finance recently established is the fact that, for example, the company "Meqa Sigorta" last year collected until December 1 965 110 AZN in this - AZN 4,226,570, ahead of many competitors with better capitalization, not members of the Bureau.
In general, participants in a collective treasury Bureau received over the period 229,573,844.32 manat, almost three quarters (73.35%) of the total (312 968 990 manats). For comparison, last year the relevant companies collected 135.9 million manats of total premiums. If we add to these prizes compulsory insurance against accidents and illness at work, we can see that the local market is almost entirely (except for LCA and CASCO) of compulsory insurance.
Approximately the same ratio of payments - for all claims customers were 59.9 million manats (about three-quarters - 72.57% of all payments).
Bureau of compulsory insurance founded on 16 December 2011 in accordance with the requirements of the law of the same name. The composition of the working group includes 12 participants of the insurance market.
The main function of the Bureau is implementation and administration of compensation payments to certain financial fund, which will be made through the payment of compensation. Compensation will be made in the event of bankruptcy of insurance companies - members of the Bureau.
The financial resources of the Bureau formed from the entrance fee, a security deposit for each type of compulsory insurance, as well as 5% of the total premiums for compulsory that insurance companies will be transferred monthly to the Bureau.
The law "On compulsory insurance" covers four types of compulsory insurance. This CTP insurance, property insurance, liability insurance in the operation of real estate, insurance for passengers. In this case, the terms of the law, to provide services for these types of mandatory insurance can only those insurance companies that are members of the Bureau. - 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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