Insurers - participants of Compulsory Insurance Bureau (CIB) by December 1 of this year collected 15,745,840 manat under insurance of real estate owned by individuals, insurance of passengers, as well as civil liability in the operations of real estate (+19.5% against 11 months in 2013).
The specified amount of premiums was received on the results of 142,343 contracts (+37.1%), according to the press release from CIB. In November there were signed 12,324 contracts worth 1,040,590 manat. Compulsory insurance of residential property made up 78.07% of the November contracts, 0.13% were office buildings, and 21.8% were other types of real estate.
The maximum amount of insurance coverage in the event of damage to real property in Baku is AZN 25,000, in Ganja, Sumgait and Nakhchivan - 20,000 manat, and in other settlements - 15,000 manat.
The insurance rate for this type of insurance is 0.2% of the sum insured. --17D-
Economics
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U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
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Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
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Azerbaijan, Georgia, Turkey, and Bulgaria have agreed on the draft text of a memorandum of understanding in the field of green energy transmission, marking a significant step in the development of sustainable energy ties in the region. The document aims to expand energy exchange between the countries and establish a legal framework for the Green Energy Corridor project.
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Azerbaijan’s labor market has expanded, with the total number of employees in the country’s economy reaching 1.78 million as of early January 2025, according to preliminary data from the State Statistics Committee. The data reveals a nearly equal distribution of employment between the public and private sectors, with 882,800 people working in state-run institutions and 895,700 in the non-public sector.
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