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
-
Azerbaijan’s Milli Majlis ratified the second amendment to the agreement on the joint development of the Azeri-Chirag-Gunashli (ACG) oil and gas block during its plenary session on Wednesday. The bill was submitted to parliament as a legislative initiative by President Ilham Aliyev.
-
The 104th meeting of the Commonwealth of Independent States (CIS) Economic Council was held in the Russian capital, with representatives from member states discussing enhanced economic collaboration and key regional initiatives. Azerbaijan was represented by First Deputy Prime Minister Yagub Eyyubov.
-
Azerbaijan’s Information and Communication Technologies Agency (IKTA) reported significant improvements in the quality of internet and telecommunications services in the first half of 2024, driven by a comprehensive assessment framework and enhanced regulatory measures.
-
In 2024, Azerbaijan will double its gas supply to Bulgaria, which not only uses this gas for its own needs but also partially sends it to its Balkan Gas Hub and, by agreement with SOCAR, organizes the transit of various volumes to its neighbors.
Leave a review