In 2016, insurance companies, members of Compulsory Insurance Bureau (CIB) concluded 996,632 contracts on compulsory insurance of motor third party liability (MTPL).
Of them 130,655 referred to cars registered in foreign countries, which crossed Azerbaijan on transit. The amount of insurance premiums for the reporting period was 79.8 million manat. In comparison with 2015 the growth in the number of insurance contracts was 3.3%, and the growth in premiums was 4.4%.
In 2016, premiums averaged 88 manat.
During the reporting period, insurance companies paid out AZN 28.8 million on compulsory MTPL insurance on the basis of 24,197 requirements. Compared to 2015, the increase in insurance payments in 2016 was by 27%. ---71D
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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