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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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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