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
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Kazakh Energy Minister Almasadam Satkaliyev said on Monday that Kazakhstan and Azerbaijan continue to discuss prospects for transporting Kazakh oil through the Baku-Supsa oil pipeline, which has been idle since spring 2022, Kazakh media reported.
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The supply of Azerbaijani gas to North Macedonia will transition to a regular basis in the mid-term, an informed source told Turan.
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In Azerbaijan, the minimum consumption basket may be reassessed next year. This was discussed during a joint meeting of parliamentary committees. The last changes to the consumption basket were made a decade ago. However, during this period, inflation has risen, and the cost of the minimum living standard has also increased. Moreover, some experts believe that the current minimum consumption basket in Azerbaijan requires significant updates, with the inclusion of additional goods and services.
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Azerbaijan's draft state budget for 2025 prioritizes strategic objectives outlined by President Ilham Aliyev, including economic growth, social development, and reconstruction of liberated territories, according to senior officials speaking at a parliamentary session on Monday.
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