Last year's decision of the Central Bank of Azerbaijan to toughen the rules of automobile lending from January 2014 led to reduction in imports of cars by 40% and premiums under the voluntary crediting of the hull insurance of cars.
According to the report of the State Insurance Supervision Service, total premiums for the once most popular kind of insurance in January-May amounted to 10.6 million AZN (minus 7% by May 1 of last year). Respectively decreased the level of payments - to 8 4 million AZN (minus 4%).
In relation to total premiums of the insurance market in January-April (166.01 million AZN) premiums within the hull insurance were 8.6% under 20.9% of payments in the segment of voluntary insurance (life insurance), indicating the gradual loss in that niche. Earlier, this area brought up to 50% of premiums in the insurance market, and all local insurers were busy in it.
Last year the awards of insurers under the hull insurance reduced by 33.5%. By 2013. --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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