In the past year, life insurance companies paid AZN 28,338,980 on cases of compulsory insurance and disability of individuals from accidents and occupational diseases (+13, 9% against 2013).
According to the Association of Insurers of Azerbaijan (AIA), these services are provided by 3 insurers.
According to AIA, payments in this segment amounted to 2 million 403.59 thousand manat (+ 64.9%), or 8.5% of the premium, which is an extremely low rate. In Europe and the European part of the CIS the average indexes are within 35-40%.
The law "On compulsory insurance of disability of individuals from accidents and occupational diseases in industry" was promulgated on 16 December 2010 after the adoption of the relevant legal acts.
According to the tariffs of the Cabinet of Azerbaijan, all economic activities are divided into 14 levels of risk on the basis of which the size of the insurance rate for employees and workers in the enterprise is determined (from 0.2% to 2%, depending on the level of professional risk).
Under the law, an insurance rate is calculated against the backdrop of the salaries in the enterprise. The law provides for three types of insurance payments: monthly, one-time and extra. --17D-
Economics
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The Caspian International Investment Company JSC ended 2023 with a net loss of 557,000 manats, a significant improvement compared to the previous year, when losses were four times higher. The company's pre-tax losses for the year amounted to 264,000 manats, 11 times lower than in 2022, while income tax payments of 293,000 manats highlighted the efficiency achieved through strategic fiscal management.
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The 24th Republican Beekeeping Exhibition and Fair opened in Baku on Monday, with around 120 tons of honey products on sale. The event features the participation of 275 beekeepers from 39 districts across Azerbaijan and will run until September 29.
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BAKU, Sept 10 (Reuters) – The "Chain Reaction 2024" conference commenced in Baku on September 10, bringing together leaders and innovators from across the technology sector. Organized by FARI Solutions in collaboration with the Center for Analysis and Coordination of the Fourth Industrial Revolution and the Innovation and Digital Development Agency, the event is supported by Binance, the world's largest cryptocurrency exchange.
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The Azerbaijani government has amended its financing mechanism for higher education institutions, according to a decree issued by Prime Minister Ali Asadov on September 6. The changes update annual education costs for students in various academic levels and fields, including bachelor’s, master’s, medical, and doctoral programs, under state orders.
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