Stagnation in the Hull car insurance is observed for the first time. Last year the premium growth (56.86 million AZN with payments of 27.96 million manats) compared to the results in 2012 (56.7 million AZN with payments of 22.84 million manats) was 0.28%.
This stagnation is difference in comparison with the 20.9% between 2012 and 2011, when it was collected 44.86 million manat. Traditionally, growth in the range of 20% was observed in the segment of Hull in 1998, and now the pace has slowed down. The reason for this was the saturation of the local car market, although last year Azerbaijan imported 104 000 plus cars of different brands and classes.
According to the chairman of Azerbaijan Insurers Association Orkhan Bayramov, this year too, we should not expect activity on the background of the new rules on the issuance of bank loans. Stagnation will not affect the volume and timeliness of payments in proven cases of accidents and other damage to cars. - 17D-
Economics
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Azerbaijan’s ADY Express, a subsidiary of Azerbaijan Railways CJSC, signed several strategic agreements on the sidelines of the Logitrans Türkiye 2024 exhibition in Istanbul, Turkey, reinforcing its commitment to expanding freight transport services along the Middle Corridor.
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Azerbaijan plans to establish state-of-the-art battery storage facilities for green energy with a total capacity of 350 MW within the next 4-5 years, a well-informed source in the Ministry of Energy told Turan.
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Shareholders of the Caspian gas condensate "Absheron" project plan to approve the Front End Engineering Design (FEED) in December, laying the groundwork for full-scale development of the field, an informed source told Turan.
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In 2024, Europe will receive approximately 12.5 billion cubic meters of gas from Azerbaijan, with the list of buyers expanding to 12 countries. Speaking at an energy forum in Istanbul on Friday, SOCAR President Rovshan Najaf announced that cooperation with a 12th, new gas buyer would begin in December.
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