The Bureau of Compulsory Insurance (BCI) informs that in January-June (http://isb.az/2016-ci-ilin-ilk-alti-ayi-erzinde-avsmmis-uzre-11-6-milyon-manat-mebleginde-sigorta-odenisi-heyata-kecirilmisdir) 13 of its members concluded 527,894 contracts (+ 11% over the same period last year) in the mandatory civil liability of owners of vehicles (CTP), receiving 42.3 million AZN (+ 16%) in the form of bonuses.
Payments by the insurers amounted to 11 million 577.85 thousand AZN (minus 3%).
CTP contracts on new terms and new tariffs are valid from 16 December 2011. According to them, the base rate by a factor of 1 is 50 AZN (valid for vehicles with an engine capacity of 1500 cubic cm). This includes motorcycles and agricultural machinery.
The maximum rate - 5 for heavy vehicles with an engine capacity of more than 5 thousand cubic cm, and their owners pay 250 AZN a year.
The sum covered for proven damages is 5,000 AZN, with damage to property and health of each passenger and a pedestrian, at a total limit of payments coming to 55,000 AZN.
Thirteen insurers collected 76.37 million AZN on CTP last year. --17D-
Economics
-
According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
-
The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
-
Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
-
Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
Leave a review