During 10 months of 2016 25 insurance companies collected AZN 420 million of insurance premiums, according to the Financial Markets Supervision House (FMSH). It is AZN 41 million or 11% more than in the same period last year.
Insurance payments amounted to 191 million manat, which is 36% more in comparison with the same period of 2015.
For 10 months of the current year, voluntary insurance fees increased by 15%, and payment increased by 38%.
The fees on compulsory insurance increased by 4%, and payments increased by 30% and amounted to respectively 148 and 47 million AZN.
Note that according to FMSH, the top three for the insurance fee includes OJSC Pasha Sigorta (37 million 687 thousand 68 manat), Pasha Heyat Sigorta (66 million 981 thousand 824 AZN), and Azersigorta (37 million 999 thousand 56 manat).
The top three for the insurance payment looks like this: Pasha Sigorta (37 million 687 thousand 69 manat), Pasha Heyat Sigorta (32 million 521 thousand 268 manat), and Ateshgah Heyat Sigorta (23 million 347 thousand 904 manat). -----71D
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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