All the local insurance market in January-August for compulsory premiums collected the total amount of 87 million 199 thousand manat. The share was 38.1%. Just a month ago, the ratio was 29 to 71%, which indicates an increase of the insurance agents of the Bureau of Compulsory Insurance.
According to the State Insurance Supervision Service of the Ministry of Finance, the majority of them is premium for compulsory civil liability insurance of vehicle owners to third parties (CTP for the new rates) - 47 million 217.83 thousand manat.
Compulsory insurance of individual real estate companies brought in the first 8 months of this year, 6 million 784.08 thousand manat. On liability insurance for operation of real estate, it received 201.68 thsd AZN and on insurance of passengers - 121.99 thousand manat.
The Bureau of Compulsory Insurance was founded on 16 December 2011 in accordance with the requirements of the law of the same name. The composition of the working group includes 12 participants of the insurance market. According to forecasts made by the State Insurance Supervision Service Namik Khalilov, this year members of the Bureau will be about 15 companies, financial position which allows you to make such a move.
The main function of the Bureau is implementation and administration of compensation payments to certain financial fund, which will be made through the payment of compensation. Compensation will be made in the event of bankruptcy of insurance companies - members of the Bureau.
The financial resources of the Bureau are formed from the entrance fee, a security deposit for each type of compulsory insurance, as well as 5% of the total premiums for compulsory that insurance companies will be transferred monthly to the Bureau.
The law "On compulsory insurance" covers four types of compulsory insurance. This CTP insurance, property insurance, liability insurance in the operation of real estate, insurance for passengers. In this case, the terms of the law, to provide services for these types of mandatory insurance can only those insurance companies that are members of the Bureau. If the insurance company is interested in providing services for several types of compulsory insurance, for each it should make a separate deposit. - 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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