In contrast to CTP, 13 members of the Bureau of Compulsory Insurance (BCI) by April 1 reduced the level of collection of premiums under compulsory real estate insurance - up to AZN 8.4 million for the quarter (minus 10.9% to same period last year).
According to the report, this amount was collected (minus 45.7%) due to the sale of 15,970 policies.
In the last month of the quarter 5,245 contracts were signed with premiums of AZN 1.9 million, of which almost two-thirds (68.2%) were the proportion of housing, 31% - commercial properties, and 0.7% - administrative buildings.
Compulsory insurance of real estate applies to private and public property, and the insured event occurs relating to natural phenomena (floods, lightning, hail, rain, fires, explosions, short circuits in the power supply, accidents and other consequences of inadequate human activities.
Recall, the maximum payout in accordance with the earlier case is designed for real estate in Baku (25,000 AZN). For the cities of Ganja, Sumgayit and Nakhchivan compensation is provided at the level of 20,000 manats, in other areas - 15,000 manats at an annual insurance tariff in 0.2% of the sum insured. --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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