In January-May the insurance market participants collected 186.911 million manat with payments of premiums totaling 55.211 million manat (29.54% direct expenses). Premium growth for the year was 18.22 million manat or 10.8%.
One company operated at a loss - the premiums of the insurance company Azerbaycan Senaye Sigorta totaled 4.173 million with payments of 6.256 million manat.
The top five account for more than half (55.25%), the top ten companies raised more than three-quarters (77%) of all premiums. It is a measure of centralization of finance - in 2012 on the account of 10 rating structures there was slightly more than half of funds collected from customers. As an example, we call the leader, - on the account of Pasha Insurance managed by the cousins of the President's wife Mehriban Aliyeva, there are 16.6% of all awards (2013 by June 1 it was 13.24% and in 2012 - 8.59% at the same leading position).
The ten included Pasha Insurance (31.03 million), Ateshgah Hayat (20.24 million), Pasha Hayat (19.49 million), Azersigorta (17.41 million), AzSigorta (15.11 million) , Ateshgah Sigorta (12.44 million), Qala Hayat (10.21 million), Ipek Yolu Sigorta (8.69 million), AXA MBASK (7.9 million) and Standard Insurance (7.6 million manat).
In compensations the leader is Pasha Insurance (due to corporate contracts for VHI - 11.07 million), Azerbaycan Senaye Sigorta (6,26 million), Ateshgah Sigorta (5.57 million), Azersigorta (5.39 million), AzSigorta (3.77 million), AXA MBASK (3.74 million), Standard Insurance (2.7 million), A-Group (2.64 million), International Insurance Company (2.47 million) and Ateshgah Heyat (1.9 million). -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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