Azerbaijan Insurers Association (AIA) will prepare a table of a single assessment to determine the market value of cars.
As the head of the organization Orkhan Bayramov told Turan, the decision was taken yesterday at a meeting with the participation of specialists of departments to assess insurance claims and underwriting, organized following a meeting of the AIA committee of voluntary insurance.
This will eliminate the differences that occur between the insurer and customers in determining the value of the insured vehicles in the coming years, the insurance rate, and the insurance amount to be returned to the insurer by the cancellation of the contract.
The market value of the vehicle will be determined depending on the brand, date of production and the country in which the vehicle was manufactured.
Based on certain factors (percentages) will be calculated how the car will lose in value in relation to its initial value. Thus, the debate will be eliminated on the amount of insurance and insurance charges on second-hand vehicles.
In November 2014 the Azerbaijani insurance companies concluded 78,185 insurance contracts on compulsory insurance of vehicle owners (CTP), which collected premiums totaling 6.1 million manat. Over the same period, payments were made on 1,017 requirements totaling 1.2 million manat. --17D-
Economics
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Azerbaijan has witnessed a significant rise in the average nominal monthly wages of salaried workers, with an 8.3% increase recorded from January to July of this year compared to the same period in 2023. According to data released by the State Statistics Committee, the average nominal monthly salary reached 1,002.4 manats, as the country experiences both economic growth and sectoral shifts.
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The Chairman of the Central Bank of Azerbaijan (CBA), Taleh Kazimov, recently hosted a high-level delegation led by Elisabetta Falcetti, the Executive Director for Turkey and the Caucasus at the European Bank for Reconstruction and Development (EBRD). The meeting, held in Baku, focused on key initiatives to bolster the sustainable development of Azerbaijan’s financial sector and expand access to financing for the country’s real economy. Among the most pressing topics was the EBRD's support for Azerbaijan’s ongoing green transition.
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