Minimum strap of the premiums collected in January-August by the companies participating in the Bureau of Compulsory Insurance is 4.68 million manat. That's the number gathered by Alfa Sigorta, whose license was first frozen and then defrosted by the Minister's order. It is much inferior to its competitors for premiums.
In general, participants in the Bureau received during this period 235.72 million manat, which is more than two -thirds (69.81 %) of the total (337.65 million manat). If we add to these prizes compulsory insurance against accidents and diseases at work, see that the local market is almost entirely (except for VHI and Hull) of compulsory insurance. Expected dynamics of the segment, including that from the beginning of next year to connect life insurance companies to the Bureau .
Even greater imbalance in the ratio of payments - all claims insurance customers "elite" received 73.63 million (74.9 % of all payments) .
Bureau of compulsory insurance founded on 16 December 2011 in accordance with the requirements of the law of the same name. The structure of the part until the 11 participants of the insurance market , which consists of 28 companies .
The primary function of the Bureau is compensatory payments and certain financial fund management , which will be produced by these compensation . Compensation will be made in the event of bankruptcy of insurance companies - members of the Bureau.
Financial resources of the Bureau are formed from the entrance fee, security deposit for each type of compulsory insurance, as well as 5 % of the total premiums for compulsory that insurance companies will be credited monthly to the Bureau.
The law "On mandatory insurance" covers 4 types of compulsory insurance. These are CTP insurance, property insurance, liability insurance in the operation of real estate, and insurance for passengers. At the same time under the terms of the law, to provide services to these types of compulsory insurance will be only those insurance companies that are members of the Bureau. - 17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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