In August 2016 there were registered 93,355 contracts on compulsory motor third party liability insurance, according to the Compulsory Insurance Bureau. Turan said 14,062 of these contracts accounted for insurance of cars with a foreign registration, using the territory of Azerbaijan for transit.
During this period, total insurance premiums on standard and border insurance contracts amounted to 7.4 million AZN.
Compared to July 2015, there was recorded an increase of 4.7% in the number of insurance contracts, and the insurance payments increased by 2.6%.
In August 2016 insurance companies increased the payments on compulsory motor insurance in comparison with August 2015 by 33% (2,493,616 AZN).
Payments were made in 1,986 insurance cases. ----72D
Economics
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According to data released by the State Statistics Committee, Azerbaijan’s agricultural sector achieved slight production growth in the first eight months of 2024. The total volume of agricultural production reached 8.723 billion manats, which is 0.8% higher than during the same period last year. However, this growth occurs against a backdrop of increasing food imports, despite significant government subsidies aimed at supporting domestic agriculture.
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Azerbaijan has unveiled strong fiscal indicators for the first eight months of the current year, reporting a state budget surplus that underscores the country’s economic resilience amidst global uncertainties. According to operational data released by the Ministry of Finance, state budget revenues from January to August 2024 reached 25 billion 223.4 million manats, while expenditures amounted to 22 billion 362.4 million manats.
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Azerbaijan has made significant progress in diversifying its energy balance, with renewable sources playing an increasingly important role in the country's electricity production. Operational data for January-August 2024 show that total electricity generation reached 19,235.4 million kilowatt-hours (kWh), marking a noticeable shift towards greener energy.
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Bilateral relations between Azerbaijan and Russia are accelerating, particularly in the agricultural sector, as Deputy Prime Minister Shahin Mustafayev and Russia’s Minister of Agriculture Oksana Lut underscored during their high-level meeting on September 13 in Baku.
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