In January-February, insurers collected 101.7 million manat of premiums (+ 11.1% against March 1 of last year).
According to the information of Azerbaijan Insurers Association (AIA), 27 companies in two months paid 24 million manat (+ 26.3%). This means that the increased share of payments to premiums - for every 100 manat there was 23.6 manat against 20.8 manat as of 1 March 2014. According to experts, this figure is pulled down by payments under the compulsory insurance of life, but according to statistics, awards in this segment decreased by 14%, while payments grew by 3.2 times.
In other segments the premiums increased by 19%, and the payments grew by 11%. Almost three-quarters (72%) of the local insurance market was formed by voluntary types. --17D-
Economics
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Azerbaijan Caspian Shipping Company (ASCO) has resumed regular cargo and passenger transportation after severe weather conditions disrupted operations in the Caspian Sea, the company said on Monday.
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Azerbaijan can overcome the so-called "middle-income trap" by increasing investments, improving the investment environment, and enhancing knowledge and skills, Deputy Minister of Economy Samad Bashirli said in Baku at the presentation of the World Bank’s Global Report World Development Report – 2024 (WDR).
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Countries in Europe and Central Asia must not only attract investment but also actively adapt and disseminate technology to ensure sustainable economic growth, according to Ivailo Izvorski, Chief Economist for the region at the World Bank. Speaking at the presentation of the World Development Report 2024, Izvorski highlighted structural issues that are slowing down private sector development.
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Azerbaijan is now among 54 middle-income countries, said Shahmar Movsumov, Head of the Department for Economic Affairs and Innovative Development Policy at the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku.
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