There is a growing share of compulsory insurance of disability of individuals from accidents and occupational diseases.
The press secretary of the Association of Insurers of Azerbaijan (AIA) Vafa Rustamova said by November 1 premium for this type amounted to 28 million manats (+4.8% from the same period last year). Almost the same level, but downward (minus 5%) was achieved in payments - 1.95 million manats. The relationship between the premiums and payments is 6.96% and the policy of exclusive accumulation is not allowed in insurance.
Recall that in the framework of this type of insurance services are provided by three members of the Bureau of Compulsory Insurance: Pasha Hayat Sigorta, Ateshgah Hayat Sigorta and Qala Hayat Sigorta. In total life insurance market for this type had 28.4% and 5.5% of premium payments.
The law "On compulsory insurance of disability of individuals from accidents and occupational diseases" is involved with the December 16, 2010, after the government approved rates 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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