On September 1, the company - members of Compulsory Insurance Bureau (ISB) paid 16.289.340 manat for compulsory insurance of civil liability of vehicle owners (CTP). According to the accumulating structure, it is by 5.3% less than in the period from January to August last year
Only in August, the payment of insurers in this segment was totaled 1,899,010 manat (minus 19.8%) to 1.483 insurance cases (minus 20.4%). Of these, the majority (in the amount of 1.665.200 AZN 1,372 insurance claims) is associated with damage to the motor vehicle, the remaining payments relating to damage to property and health, as well as the death in a car accident.
Services under the insurance on the new tariffs are provided from 16 December, 2011. The insurance sum under property damage is 5,000 manat, with damage to the health of one person – 5,000 manat, the total limit for one event – 50,000 manat.
Bureau of compulsory insurance was established in the framework of the law "On compulsory types of insurance". It includes 15 insurance companies, 11 of which have the right to provide services for insurance. --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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