Local insurers specializing in life insurance collected 104 million 992.8 thousand manat last year (+ 52.7% yoy).
According to the report of Azerbaijan Insurers Association (AIA), there are only three such insurance companies, which in the aggregate collected 24.46% of premiums of the local insurance market with payments of 28 million 573.74 thousand manat (an increase of 7.4 times ), with the proportion of 18.18% of the total payments in the market.
Most of all premiums in this segment were gathered by Pasha Hayat Sigorta - 41 million 902.87 thousand, with payments of 2 million 867.24 thousand manat (extremely low percentage of payments to premiums - 6.9%). On the account of Ateshgah Hayat Sigorta there is 37 million 928.85 thousand, with payments of 24 million 138.55 thousand manat (63.2%), and at Qala Hayat Sigorta there is 25 million 161.09 thousand, with compensations of 1 million 567.95 thousand manat (6.2%). Recall, the average ratio of payments to premiums for the countries of Eastern Europe and CIS is up to 40%.
In Azerbaijan, in general, 27 insurance companies have licenses for operation. --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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