Payments to victims and families of those killed in road accidents by the Compulsory Insurance Office by 1 October amounted to 181.38 thousand manat, which is more than three times more than the outcome in the entire 2013 (54.39 thousand manat).
According to the report by the Office, the largest number and the amount of paid compensation occurred in the third quarter - 108.12 thousand manat.
The Office accumulates funds for compensation to citizens who are not insured in any of the insurance companies. Its financial resources are generated from the entry fee, the security deposit for each type of compulsory insurance and 5% of the total premiums for compulsory insurance transferred by the companies - participants of the Office.
The membership fee for insurers is 200 thousand manat. For each type of compulsory insurance there is a separate deposit. A single deposit on compulsory insurance of liability of owners of real estate is 100 thousand manat, and that for the compulsory insurance of civil liability of vehicle owners (CTP) and passengers is 200 thousand manat. --17D-
Economics
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Azerbaijan is poised to increase wheat imports for the 2024-2025 season following a significant drop in domestic wheat production this year. According to data from the State Statistics Committee, the country harvested 1.68 million tons of wheat in 2024, marking an 8.1% decline from the previous year. This downturn in output, combined with rising import volumes in recent months, indicates that Azerbaijan may lean more heavily on foreign suppliers to meet its wheat needs.
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Azerbaijan Railways CJSC (ADY) has announced the restructuring of its container transportation management in an effort to enhance the efficiency of transit cargo transportation. As part of this reorganization, ADY Express will merge with ADY Container starting on November 1, 2024. The consolidation is aimed at expanding the range of services offered in both container and carriage transportation.
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Azerbaijan has introduced a legal framework enabling the electronic state registration of legal entities with foreign investments, regardless of whether their founders are individuals or legal entities, according to the State Tax Service. The announcement was made by Samira Musayeva, Deputy Head of the State Tax Service, during a meeting of the "Entering Business" Working Group.
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The World Bank aims to deepen its involvement in Azerbaijan's economic development through a new partnership framework program, according to discussions between Azerbaijani officials and World Bank representatives. The proposed framework, which will cover the years 2025-2029, is designed to support the country’s transition to an innovative and less resource-dependent economy.
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