In January-May, according to the State Insurance Supervision Service, under the insurance against occupational accidents and diseases in production 18.77 million manats was received, or more than 14% above the same period last year. All in all, within the framework of life insurance there was collected 57.33 million manats, including voluntary insurance (38.56 million manats) in this segment. This represents 27.6% of total premiums (207.63 million manats) in the insurance market. There is a growth in the ratio - by the end of April, the share of this segment was 22.6%.
In Azerbaijan, there are three companies specializing in life insurance and having the legal right to provide services for compulsory insurance of disability of individuals from accidents and occupational diseases in the workplace.
According to the Ministry of Taxes, in the country there are nearly half a million entrepreneurs (potential employers), including individuals. Of these, about a fifth of provides real jobs. All natural monopolies and big-scale businessmen are controlled by the inspection of the Ministry of Labor and Social Welfare and they have already signed contracts with insurance companies.
The law "On compulsory insurance of disability of individuals from accidents and occupational diseases" was approved in July 2010. In December of the same year, the approval of regulatory legal acts for the commencement of services under this type of insurance completed.
The Cabinet in November 2010 approved the tariffs for compulsory insurance and disability resulting from occupational accidents. Under its provisions, all economic activities are divided into 14 levels of risk.
Based on this level of risk, the amount of the insurance rate is determined for employees and workers in the enterprise, which ranges from 0.2% to 2%, depending on the risk level of the enterprise. The state budget provides for the allocation of AZN 10.03 million for the insurance of persons working in the government and public enterprises and organizations, beginning from 2011.
By law, the insurance rate is calculated from the capacity of the payroll in the company. The law provides for three types of insurance payments: monthly, one-time and extra. --17D-
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