Despite the growing number of local companies licensed for reinsurance activity, AzRe Tekrarsigorta sees no competitors in the area. Total assets of the leader exceeded 69.2 million by June 1, and the shareholders' equity is 47.33 million manat.
According to company chairman Fuad Guliyev, until it covers half of outward reinsurance. "In April 2014, we increased our obligatory coverage to 20 million manat to provide coverage, which is now available on demand in the market," he said in an interview published in the review of the insurance market of Azerbaijan prepared by the Romanian company Xprimm. According to him, the company sends 90% of the risk to reinsurers with a rating of Standard & Poor's "A" and above.
"With the growth of the insurance market in Azerbaijan rose by 30% and premium AzRe - from 30.3 million in 2012 to 39 million manat in 2013," he said.
AzRe Tekrarsigorta to March 2014 was the only local reinsurance company.
The Company operates in the field of reinsurance in November 2007.
The initial share capital AzRe was 2 million, now it is 40 million manat.
AzRe founders are one entity and five individuals. - 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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