With the expansion of the insurance market, there may increase the amount of membership dues (currently 200,000 manat) and size of deposits for compulsory insurance (from 100 to 200 thousand manat).
As the head of the Bureau of Compulsory Insurance (ISB) Elkhan Guliyev said at the V Azerbaijan International Insurance Forum, this issue has been raised to the level of the Ministry of Finance and the State Insurance Supervision Service in connection with the extensive growth of the level of premiums.
ISB was established in December 2011 in accordance with the law "On mandatory types of insurance." The Act entered into force on 16 December 2011. It applies to five types of compulsory insurance - CTP, compulsory property insurance, liability insurance required in the operation of real estate, compulsory insurance of passengers and compulsory insurance against diseases and accidents at work. ISB participants are 15 companies. - 17D-
Economics
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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