The insurance market increased by re-insurers. Now there are six.
State Insurance Supervision Service has issued a license for reinsurance activity to five local insurance companies. These are public liability companies Ata Sigorta, AXA MBASK, Ipek Yolu Sigorta, Pasha Hayat Sigorta and Standard Insurance.
Innovation applied in accordance with approved in December last year amendments to the law "On insurance activity". Since March this year, insurance companies interested in reinsurance business, get a separate license for reinsurance activity.
As stated previously the chairman of the State Insurance Supervision Service Finance AR Namik Khalilov, a division of insurance and reinsurance business is aimed at ensuring financial stability, professional participants of the insurance market.
According to the requirements of the Ministry of Finance, insurance companies interested in obtaining a license for reinsurance activity must have a minimum capital of 7.5 million manat. - 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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