Last year's decision of the Central Bank of Azerbaijan to toughen the rules of automobile lending from January 2014 led to reduction in imports of cars by 40% and premiums under the voluntary crediting of the hull insurance of cars.
According to the report of the State Insurance Supervision Service, total premiums for the once most popular kind of insurance in January-May amounted to 10.6 million AZN (minus 7% by May 1 of last year). Respectively decreased the level of payments - to 8 4 million AZN (minus 4%).
In relation to total premiums of the insurance market in January-April (166.01 million AZN) premiums within the hull insurance were 8.6% under 20.9% of payments in the segment of voluntary insurance (life insurance), indicating the gradual loss in that niche. Earlier, this area brought up to 50% of premiums in the insurance market, and all local insurers were busy in it.
Last year the awards of insurers under the hull insurance reduced by 33.5%. By 2013. --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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