The Bureau Compulsory Insurance (BCI) in January-May paid compensation to the victims and families of those killed in road accidents in the total amount of 110,333 manats.
According to the information of the Bureau on the results of five months, there were 28 compensations. In May there were 11 compensations totaling 37,333 manat. Recall, this position does not apply to contracts of insurance between the insurer and the insured.
The office was created to manage certain financial fund, which is made by the payment of compensation.
The financial resources of the Bureau are formed from the entrance fee, a security deposit of one of the 4 types of compulsory insurance provided for, as well as 5% of the total monthly premiums for compulsory received by insurance companies. --17D-
Economics
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The Union of Chambers of Commerce and Industry (UCCI) of the Organization of Turkic States (OTS) held its General Assembly in Baku on December 26, highlighting dynamic economic growth and deepening integration among member states. Representing Azerbaijan and other OTS member states, business and government leaders discussed trade, investments, and regional connectivity projects.
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Rice imports to Azerbaijan have soared to unprecedented levels during the January-November 2024 period, reflecting both rising domestic demand and increasing global food prices. Over this period, the country imported 60,400 tons of rice, marking an 18.6% increase in volume and a 35.3% rise in value compared to the same period in 2023.
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Over 17,750 life insurance contracts and 40,661 property insurance contracts were signed through Azerbaijan’s Mortgage and Credit Guarantee Fund (MCGF) between 2022 and 2024, reflecting the growing role of the Fund in strengthening the housing finance and insurance markets. These figures were revealed by Rasim Abdullayev, Director of the Mortgage Lending Department at MCGF, during the seminar "Tools for Supporting Housing Finance and Entrepreneurship."
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The value of paid services provided to the population in Baku reached 6.94 billion manats in the first eleven months of 2024, reflecting a real-term increase of 9.2% compared to the same period in 2023, according to data from the Baku City Statistical Department.
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