The local companies dealing with compulsory insurance of disability of individuals from accidents and occupational diseases collected 27.1 million manats by October 1 (+ 11.1% versus the same period last year).
According to the data of the Association of Insurers of Azerbaijan (AIA), the services in this segment are provided by three financial institutions that specialize in life insurance.
Payments on this type of insurance amounted to 1.8 million manats (+ 9.2%) at a ratio to premiums at 6.6 kopecks to 1 manat. According to experts, this is an extremely low level. The average level of payments in the CIS is 25%, and in Europe - 35-40%, depending on the country.
The law "On compulsory insurance of disability of individuals from accidents and occupational diseases" came into force on 16 December 2010. --17D-
Economics
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The State Oil Company of Azerbaijan (SOCAR) is preparing to sign a major contract with a Pakistani company in the future, signaling strengthened trade and economic cooperation between the two countries.
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Azerbaijan's Minister of Energy, Parviz Shahbazov, chaired the inaugural meeting of the Coordination Council for implementing the "Action Plan for the Phased Introduction of Electricity Market Elements," approved by the Cabinet of Ministers in May this year.
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Azerbaijan's Cabinet of Ministers has approved amendments to the list of strategically important goods in the country's consumer market, as outlined in Decision No. 136 dated April 27, 2023. The update aligns with the implementation of the Law on State Reserves and a corresponding presidential decree, the government announced on Thursday.
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Representatives of Azerbaijani and Latvian business circles convened in Baku for the "Azerbaijan-Latvia Information and Networking Meeting," marking a significant step in bolstering economic cooperation between the two countries. Latvian Ambassador to Azerbaijan, Edgars Skuja, underscored the event’s mission to connect entrepreneurs from both nations, aiming to enhance collaboration across multiple sectors.
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