Once the most popular form of voluntary insurance (Hull for cars) loses not only growth rate, but also position. It is not surprising against the background of the ban last March by the Central Bank of Azerbaijan (CBA) based on the rules regulating credit risks.
The ban has led to the fact that the issuance of car loans providing most of the sales of insurance policies was actually suspended. Hence the result; in January-May total premiums for hull insurance totaled 12.9 million manats (minus 10% to June 1 of last year) and the sixth line in absolute terms. With 39,950,000 manats it was surpassed by VHI and 4 other positions. By the way, last year the decline was more pronounced - 33.5% - to 37.8 million AZN.
Payments of insurers on Hull insurance by June 1 totaled 10.3 million manats (minus 8.4%). In general, from January to May on charges of Hull insurance premiums were 8.6% and payments were 20.9% of the total market of general insurance (non-life insurance). By the way, according to the State Customs Committee, imports of cars into Azerbaijan halved from January to June. --17D-
Economics
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The Azerbaijani government is determined to stabilize oil production. This intention was announced by President Ilham Aliyev earlier this year. "Work is underway to stabilize oil production, and I believe we will see results in the near future. We need stable oil production, and this task has been set before the investors," he remarked during one of his speeches.
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Representatives from the World Bank, Azerbaijan’s Ministry of Digital Development and Transport, and the leadership of the Baku International Sea Trade Port (BISTP) convened in Alat on Monday to discuss the implementation of the second phase of the port’s development, the largest on the Caspian Sea.
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Investments in Azerbaijan's fixed capital totaled 15.91 billion manats ($9.36 billion) in the first 11 months of 2024, marking a 3.8% decline compared to the same period last year, official data showed on Thursday by the State Statistics Committee.
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Discussions surrounding the implementation of a landmark renewable energy project on the Absheron Peninsula took center stage at a December 11 meeting hosted by Azerbaijan’s State Agency for Renewable Energy (AREA) under the Ministry of Energy. The project, initiated through a memorandum of understanding signed on March 1 in Baku, involves collaboration with the Spanish engineering giant Elecnor.
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