In February 2017, 64,123 electronic insurance contracts on compulsory insurance of motor third party liability (MTPL) were registered, according to the Bureau for Compulsory Insurance report.
This included 8,191 contracts on vehicles registered outside the country and passing through the territory of Azerbaijan by transit.
Insurance fees for MTPL in February totaled 5,088,747 manat.
Compared to January 2017, the number of contracts increased by 5,036 or 8.5%, and insurance fees increased by 488,747 manat or 10%.
Compared with the same period last year, the number of contracts decreased by 15.2%, and the insurance fees decreased by 18.9%.
Note that since November 1, MTPL contracts have been registered only in electronic form.
Thirteen insurance companies, that is, Ateshgah, Standard Insurance, Ata Sigorta, Khalg Sigorta, Pasha Sigorta, AXA MBASK, AzSigorta, State Insurance Commercial Company, Mega Sigorta, Ipek Yolu, Azerbaijan Senaye Sigorta, Qala Sigorta, and Gunay Sigorta conclude MTPL contracts. ---71D
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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