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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Azerbaijan's Cabinet of Ministers has approved amendments to the list of strategically important goods in the country's consumer market, as outlined in Decision No. 136 dated April 27, 2023. The update aligns with the implementation of the Law on State Reserves and a corresponding presidential decree, the government announced on Thursday.
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Representatives of Azerbaijani and Latvian business circles convened in Baku for the "Azerbaijan-Latvia Information and Networking Meeting," marking a significant step in bolstering economic cooperation between the two countries. Latvian Ambassador to Azerbaijan, Edgars Skuja, underscored the event’s mission to connect entrepreneurs from both nations, aiming to enhance collaboration across multiple sectors.
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