In January-May, according to the State Insurance Supervision Service, under the insurance against occupational accidents and diseases in production 18.77 million manats was received, or more than 14% above the same period last year. All in all, within the framework of life insurance there was collected 57.33 million manats, including voluntary insurance (38.56 million manats) in this segment. This represents 27.6% of total premiums (207.63 million manats) in the insurance market. There is a growth in the ratio - by the end of April, the share of this segment was 22.6%.
In Azerbaijan, there are three companies specializing in life insurance and having the legal right to provide services for compulsory insurance of disability of individuals from accidents and occupational diseases in the workplace.
According to the Ministry of Taxes, in the country there are nearly half a million entrepreneurs (potential employers), including individuals. Of these, about a fifth of provides real jobs. All natural monopolies and big-scale businessmen are controlled by the inspection of the Ministry of Labor and Social Welfare and they have already signed contracts with insurance companies.
The law "On compulsory insurance of disability of individuals from accidents and occupational diseases" was approved in July 2010. In December of the same year, the approval of regulatory legal acts for the commencement of services under this type of insurance completed.
The Cabinet in November 2010 approved the tariffs for compulsory insurance and disability resulting from occupational accidents. Under its provisions, all economic activities are divided into 14 levels of risk.
Based on this level of risk, the amount of the insurance rate is determined for employees and workers in the enterprise, which ranges from 0.2% to 2%, depending on the risk level of the enterprise. The state budget provides for the allocation of AZN 10.03 million for the insurance of persons working in the government and public enterprises and organizations, beginning from 2011.
By law, the insurance rate is calculated from the capacity of the payroll in the company. The law provides for three types of insurance payments: monthly, one-time and extra. --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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