At year end, we can say that the process of contracting for compulsory insurance of private housing has been slow.
For example - the compulsory insurance of civil liability of about 1.1 million vehicle owners (new CTP) received 68.59 million manat and paid 5.62 million manat, mandatory insurance 2 million housing units - 10.17 million manat with payments of 680,710 manat.
Similar picture in an interview to the newspaper Respublika (the paper of the Cabinet AR) gave CEO of the state commercial insurance company Azersigorta Mamed Mamedov. He said his organization, which has offices in all regions of the country, for the past three quarters has concluded 42 thousand 997 contracts with citizens, which brought to the team 1,491,100 manats. Most of the contracts (87.2%) were on insurance of houses and apartments. For all claims payments totaled 407.3 thousand manats.
Judging by the ratio of the number and the collected amount (in the capital the one-time annual fee is AZN 40, and in the province it is AZN 30), the contracts mainly concluded with residents of the capital. In Yevlakh there were signed 2,500, in Shirvan - 1,164, in Gadabay - 2,336, in Yardimli - 1,149, in Agstafa - 976, and in Gazakh - 490 contracts. In other areas there is no progress, and the reason is the weak educational program.
According to the Chairman of the Board, its share in the local insurance market is 9%. During the reported period, the company entered into contracts, on which they received premiums worth AZN 31.3 mln, and paid 10.26 million manat.
Azersigorta was established in 1991. The company for the years 2009-2011 was the leader in Azerbaijan in terms of premiums collected and made insurance payments. The company has a license to provide services on 28 voluntary and 10 compulsory insurance items.
Azersigorta on March 28, 2012 received a license to provide services on three types of compulsory insurance, including insurance of immovable property belonging to citizens. - 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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