According to the Association of Insurers of Azerbaijan, last year insurers 7 (of 27) finished with a loss. And one of them (Buta Sigorta) was twice a loser. It was in the red in 2013 and in 2014.
In addition to it, the list of nominal outsiders included: Amrah Sigorta, Bashak Inam, Era Trans, Azerbaycan Senaye Sigorta, Baki Sigorta and AXA MBASK. The latter will invest in the expansion of the business, which has provoked a negative balance sheet. Special case is Chartis Azerbaycan, which, though earned income, actually dropped out of the market processes. --17D-
Table of Profits of Insurers, DESC
№ |
Companies (JSC)
|
Profit/loss in 2014 (AZN)
| Profit/loss in 2013 (AZN) |
1 | Az Sigorta | 14 844 672,30 | 15 933 518,16 |
2 | Pasha Sigorta | 8 735 114,11 | 6 607 023,84 |
3 | Pasha Hayat | 4 284 475,50 | 8 070 899,87 |
4 | Ipek Yolu Sigorta | 4 052 846,77 | 2 643 611,65 |
5 | AzerSigorta | 3 435 211,63 | 2 055 506,83 |
6 | Mega Sigorta | 2 818 135,10 | 1 307 216,10 |
7 | Khalg Sigorta | 2 204 179,30 | 1 905 052,70 |
8 | Qala Hayat | 2 002 055,71 | 794 254,94 |
9 | A-Group | 1 850 052,51 | 1 934 018,08 |
10 | Ateshgah Hayat | 1 424 168,86 | 1 123 144,34 |
11 | Ata Sigorta | 1 143 756,49 | 1 272 702,42 |
12 | Rеvan Sigorta | 619 083,98 | 822 244,93 |
13 | Azеrqarant | 576 180,22 | 504 868,50 |
14 | Standard Insurance | 467 617,59 | 1 043 482,24 |
15 | MSK | 458 550,36 | 15 416,95 |
16 | Ateshgah Sigorta | 250 470,48 | 182 388,82 |
17 | Qarant Sigorta | 233 627,78 | 982 516,81 |
18 | Alfa Sigorta | 105 995,91 | 22 162,72 |
19 | Gunay Sigorta | 40 103,50 | 17 065,92 |
20 | Chartis Azerbaycan | 15 573,00 | -154 858,00 |
21 | Amrah Sigorta | - 144 817,14 | 377 334,80 |
22 | Bashak Inam | - 212 268,12 | 162 269,04 |
23 | Era Trans | -795 608,41 | 347 076,94 |
24 | Buta Sigorta | - 894 250,74 | -1 158 916,27 |
25 | Azеrbaycan Sеnaye Sigorta | -1 539 752,00 | 2 482 293,28 |
26 | Baki Sigorta | -1 635 421,52 | 309 346,29 |
27 | AXA MBASK | -2 934 291,62 | 29 452,34 |
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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