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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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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