JSC Gala Insurance, whose owners bought the assets of the British company Chartis Azerbaijan, has become part of the Compulsory Insurance Bureau (CIB). Now their number has reached 16.
According to the CIB, the new member has made an application for the provision of services of the compulsory insurance of real estate, as well as civil liability in connection with its operation from January on.
In this regard, the company appealed to the Ministry of Economy and Industry for a license issued by the Service ASAN. This financial entity has a perpetual license, which should be amended now.
The company has no plans to enter the retail market and will operate until the corporate segment of the insurance market.
Recall that in September, the only local reinsurance company AzRe bought Chartis Azerbaijan, practically inactive for about two years, for 6.5 million manats. As of November 1, the company collected premiums of 62.13 thousand manats with payments of 53.34 thousand manats. ---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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