According to the head of the Association of Insurers of Azerbaijan (AIA) Orkhan Bayramov, the absolute figures of the local insurance market at the end of this year are likely to grow by 10 to 20%.
"In the first half, despite the February devaluation of the manat, an increase was recorded at 14.3%. The real picture of the market will be seen in the third quarter, as in the second quarter the market adapted to the new conditions, he told Turan yesterday.
In the case of growth of the indicators the premium per capita would reach 50 manat, while the figure is about 46 manat now. In this scenario, the total market will be about 500 million manat (last year the premium in the market amounted to about 430 million AZN).
According to the State Insurance Supervision Service, in the first half of 2015 the total premiums were at the level of 242.4 million manat (+ 14.3% to July 1 of the previous year). --17D-
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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