Each of the 11 insurers licensed to compulsory civil liability insurance of car owners to third parties (CTP) demonstrates different approaches and practices of different rates when working with clients.
According to the Director of Compulsory Insurance Bureau Elkhan Guliyev (ISB) at the V Azerbaijan International Insurance Forum, to avoid ambiguity and risks, a unified clearing system is being developed to process requirements for reimbursements under CTP. The fact is that this segment is leading in the market and the level of premiums for the year it reaches 14% of total revenues.
The advantages of centralized clearing relates single document among all companies, as well as recourse to electronic form.
In addition, the insured citizens will be able to receive appropriate SMS notifications, and track real-time status of introduced requirements for insurance payments.
ISB has accumulated dues and deposit funds of 15 insurance companies, 11 of which are licensed to sell insurance policies CTP. - 17D-
Economics
-
The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
-
Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
-
Global diesel prices and refining margins have spiked following the latest U.S. sanctions targeting Russian oil trade, as markets brace for reduced supply, analysts and LSEG data indicate.
-
Azerbaijani President Ilham Aliyev hosted Georgian Prime Minister Irakli Kobakhidze on Friday for high-level talks aimed at further developing the strategic partnership between the two neighboring countries in the South Caucasus.
Leave a review