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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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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