Companies - members of the Compulsory Insurance Bureau (BCI) under compulsory real estate insurance collected 755,887 manat in February (minus 80% to February 2015). According to the report, this amount was collected due to the conclusion of 5,904 contracts (minus 56%).
The majority (64.01%) was signed on home insurance, 0.98% - on administrative buildings, and 35.01% - on other real estate, including commercial facilities.
This insurance applies to property insured against damage due to natural disasters, as well as explosions, fires, short circuits, breaking water mains and sewage systems. Social upheavals are not envisaged.
Maximum coverage (25,000 AZN) is provided for property in Baku, while in Gandja, Sumgayit and Nakhchivan the ceiling is at the level of 20 thousand, and in other localities it is 15 thousand manats at an annual insurance premium of 0.2% of the sum insured.
Recall, licenses for the provision of services in this segment of compulsory insurance belong to 13 members of BCI. --17D-
Economics
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In late February, the governments of Pakistan and Azerbaijan are expected to sign an investment agreement worth $2 billion, which will include several projects with SOCAR (State Oil Company of Azerbaijan). According to Turan, the energy cooperation projects discussed in January in Islamabad and Baku will feature in the agreement. These projects include energy efficiency initiatives, the construction of a pipeline, and SOCAR’s plans to explore the creation of underground gas storage facilities in Pakistan, as well as documents provided by the Pakistani side related to the exploration and extraction of hydrocarbons in the country.
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Azerbaijan continues to face an acute water shortage that affects both drinking and irrigation supplies, a problem that, despite frequent media attention, remains unresolved. Farmers are particularly feeling the pressure.
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BAKU, Feb 3 (Reuters) - Representatives from Azerbaijan’s State Tax Service (STS) participated in the latest session of the working group on tax, customs, and legal issues hosted by the German-Azerbaijani Chamber of Commerce.
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The Agency for the Development of Small and Medium Enterprises (KOBİA) has issued 192 start-up certificates to entrepreneurs, approximately 50% of whom are youth, according to Orkhan Mammadov, Chairman of KOBİA. The announcement was made at the Fifth Young Entrepreneurs Forum in Baku, underscoring the government's increasing focus on fostering innovation among the nation’s young entrepreneurs.
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