The three companies specializing in the compulsory insurance and disability from accidents and occupational diseases, by December 1, collected 28.6 million manat of premiums (+3.6% to the same period last year).
The spokesman of Azerbaijan Insurance Association Vafa Rustamova told Turan it is a little more than a quarter (27.1%) of the life insurance market. Payments in this segment are at the level of 2 million manat (minus 2.5%).
The ratio of benefits to premiums is 7%, which is an extremely low figure.
The law "On compulsory insurance of disability of individuals from accidents and occupational diseases" came into force on December 16, 2010 after the approval of several legal acts by the Ministry of Finance.
Recall, the life insurance market has three operating companies, PASHA Hayat Sigorta, Ateshgah Hayat Sigorta and Qalahayat Sigorta. -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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