According to the Bureau of Compulsory Insurance, in 2013 16 800 insurance claims as a result of road accidents were recorded. These figures are 5.9 times higher than the data of the Chief State Traffic Police Department (2,846).
As Azerbaijan Insurers Association (AIA) told Turan, the reason stems from the fact that almost all insurance companies within the hull insurance pay compensation for each accident, and members of the Bureau also pay for the risks associated with health, damage to property and third party liability to third parties. The methodology of the insurers is more correct and the figures are more reliable, thy say in the AIA.
In addition, recent changes in the law "On insurance activity" allow participants in accidents with property damage of less than 1 000 manats (without harm to health) not to wait for the arrival of traffic police and the protocol of its employees. Such incidents in the past year were 58% (approximately 10,780) of the total number of accidents. - 17D-
Economics
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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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