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
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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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