The Education Center will soon appear in the insurance sector of Azerbaijan.
According to the chairman of the Azerbaijan Insurers Association Orkhan Bayramov, on the agenda there are a few innovations - a register of quality insurance agents and a reinsurance "safety cushion" to prevent catastrophically large insurance risks.
According to him, these issues are equally relevant. Azerbaijan has introduced compulsory insurance for property, but no single agency or financial enterprise is able to cover the risks associated with phenomena such as floods or earthquakes. The “safety cushion” mainly involves the accumulation of sufficient funds in the Bureau of Compulsory Insurance, as well as contracts with large foreign reinsurance companies.
Also today, every major insurer has a network of insurance agents in CTP and compulsory property insurance, but the quality of their services does not correspond to the standards. So the question of their differentiation is topical, he said. All the suggestions will be forwarded to the Ministry of Finance. - 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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