Orhan Bayramov was appointed chairman of the Association of Insurance Companies of Azerbaijan (AICA) for a period of 3 years. The choice was made at the next board meeting with representatives of the companies included in the Supervisory Board.
According to the now former head of the association Azer Aliyev, the representation in the supervisory board will be increased by two companies - Pasha Sigorta and A-Group. Earlier, the board consisted of senior staff from companies such as the reinsurance company AzRe Tekrarsigorta, AzSigorta, and Ateshgah Sigorta. In addition to the leaders there are Ipek Yolu Sigorta, AXA MBASK, Standard Insurance and state trading company AzerSigorta.
In addition, according to the website the meeting discussed an action plan for this year and the budget.
AICA was established in December 2006 through the merger of two insurance companies - Azerbaijan Insurers Association (AIA) and the Union of Insurance Companies of Azerbaijan (UICA). The main purpose is to ensure the development of the insurance market of Azerbaijan. - 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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