The Bureau of Compulsory Insurance (BCI) paid regular compensation of 3,000 manat in connection with two traffic accidents. The accident occurred on November 26 and December 9 last year.
According to a press release, the payment (1.5 thousand manats each) was made to victims on April 28 of this year, non-cash (by mail).
As previously reported, BCI last year paid 24 compensations totaling 54,391 manat to the victims and families of victims of road accidents.
Bureau of compulsory insurance was established in the law " On mandatory types of insurance." Bureau members are currently 15 insurance companies operating in Azerbaijan.
Its main feature is compensatory payments to certain financial management of the fund, which will be produced by this compensation.
Financial resources of BCI are formed from entrance fees insurers - members of BCI, the security deposit for each type of compulsory insurance and 5% of the total size of the monthly premiums for compulsory insurance.
Membership fee for the insurance companies who want to become founders and start Bureau is 200,000 manat. - 17D-
Economics
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Azerbaijan’s gross domestic product (GDP) reached 126.3 billion manats in 2024, marking an increase of 3 billion manats, or 2.4%, compared to the previous year, according to data released by the State Statistics Committee. In 2023, nominal GDP stood at 123 billion manats.
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The latest data from the State Statistics Committee reveals that as of December 1, 2024, the total number of salaried workers in Azerbaijan stood at 1.775 million, with 884,400 employed in the public sector and 890,900 in the private sector. This figure falls significantly short of the government's ambitious targets set seven years ago, raising concerns about employment opportunities, particularly for the country's burgeoning youth population.
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Azerbaijan's legal and physical entities engaged in trade operations with partners from 176 countries between January and November 2024, exporting goods to 120 nations and importing from 167, according to the State Customs Committee.
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Azerbaijan's retail trade turnover climbed 3.9% in real terms in 2024 compared to the previous year, reaching a total of 62.2 billion manats, the State Statistics Committee revealed. Food, beverages, and tobacco accounted for 34.1 billion manats, while non-food products contributed 28.1 billion manats to the total.
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