On account of three local companies providing life insurance services (Pasha Hayat Sigorta, Ateshgah Hayat Sigorta and Qala Hayat Sigorta) in the first half of 2015 there was 65.9 million manat (+ 17.5% to July 1, last year). Taken together, this means 27.2% of the total insurance market.
In the structure of life insurance cumulative life insurance premiums were 56.3%, compulsory insurance against accidents and occupational diseases in industry - 31.9%, and insurance against death - 11.5%.
Payments by the mentioned companies were at the level of 30.6 million manat (an increase of 8.8 times) with a share of 33.3%. The payout structure for these insurance types was 90.5%, 3.7% and 5.8% respectively.
For every 100% of life insurance premiums the payments amounted to 46.5% (by 1 July of the previous year the index was 6.2%). --17D-
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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