Insurance companies - members of the Bureau of compulsory insurance (BCI) under the insurance of immovable property belonging to individuals in the January - May of this year, signed 45,519 contracts. In Azerbaijan, there are some 2 million buildings, including homes, apartments, garages, outhouses and offices of legal entities and state property.
According to the report of the Bureau, premiums in this segment amounted to 5 million 12.48 thsd manat. Over the past year the total number of items included in the list of insurance policies was 125,195. So many contracts received 11 million 392.97 thousand manats.
In January-May this year, members of BCI signed 1,919 thousand contracts for compulsory civil liability insurance of immovable property for the use of the proceeds amount of premiums in the amount of 151.91 thsd manat. Over the past year there were made 4,854 contracts (premiums - 334,297 manat).
Insurance companies recognize the natural disasters in issuing contracts without taking into account the risks associated with social upheaval.
The maximum amount of insurance coverage for real estate in Baku is 25,000 manat, in Ganja, Sumgait and Nakhchivan it is AZN 20,000 and in other areas - 15,000 AZN.
Insurance rate for this type of insurance is 0.2% of the sum insured. This year, the State Insurance Supervision Service of the Ministry of Finance predicts conclusion 150 thousand contracts for this type of 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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