The collected evidence of bad faith of 63 insurance agents allowed the Finance Ministry to suspend the issued perpetual licenses for a period of 3 months.
As the website of the State Insurance Supervision Service said, they are deprived of the right to mediation from September 3. Recall from January this year 200 representatives of this market segment have been deprived of their licenses. This confirms the words of the head of the Association of Insurers of Azerbaijan Orkhan Bayramov drawing up a "black list" of insurance intermediaries. According to him, such a measure is designed to improve the transparency of information on unreliable entrepreneurs with large receivables to customers and providing false information.
Licenses (including the mentioned 63) on the activities of insurance agents belong to 824 (61 legal entities and 763 natural persons) and 19 insurance brokers (8 legal entities and 11 individuals). --17D-
Economics
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Azerbaijan’s gross domestic product (GDP) reached 126.3 billion manats in 2024, marking an increase of 3 billion manats, or 2.4%, compared to the previous year, according to data released by the State Statistics Committee. In 2023, nominal GDP stood at 123 billion manats.
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The latest data from the State Statistics Committee reveals that as of December 1, 2024, the total number of salaried workers in Azerbaijan stood at 1.775 million, with 884,400 employed in the public sector and 890,900 in the private sector. This figure falls significantly short of the government's ambitious targets set seven years ago, raising concerns about employment opportunities, particularly for the country's burgeoning youth population.
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Azerbaijan's legal and physical entities engaged in trade operations with partners from 176 countries between January and November 2024, exporting goods to 120 nations and importing from 167, according to the State Customs Committee.
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Azerbaijan's retail trade turnover climbed 3.9% in real terms in 2024 compared to the previous year, reaching a total of 62.2 billion manats, the State Statistics Committee revealed. Food, beverages, and tobacco accounted for 34.1 billion manats, while non-food products contributed 28.1 billion manats to the total.
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