In 2016, insurance companies, members of Compulsory Insurance Bureau (CIB) concluded 996,632 contracts on compulsory insurance of motor third party liability (MTPL).
Of them 130,655 referred to cars registered in foreign countries, which crossed Azerbaijan on transit. The amount of insurance premiums for the reporting period was 79.8 million manat. In comparison with 2015 the growth in the number of insurance contracts was 3.3%, and the growth in premiums was 4.4%.
In 2016, premiums averaged 88 manat.
During the reporting period, insurance companies paid out AZN 28.8 million on compulsory MTPL insurance on the basis of 24,197 requirements. Compared to 2015, the increase in insurance payments in 2016 was by 27%. ---71D
Economics
-
According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
-
The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
-
Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
-
Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
Leave a review