Members of the Compulsory Insurance Bureau (CIB) in October collected 1,448,250 manat as premiums under the insurance of immovable property belonging to individuals, compulsory passenger insurance and compulsory insurance of civil liability in the operation of real estate. Total for these items they signed 8910 contracts, the press release of CIB reads.
Most (8,489) of the documents were signed on insurance of estate of individuals with a volume of premiums 1,415,170 manat, 377 contracts under the liability insurance of immovable property collected 24,240 manat, and 44 contracts under the insurance of passengers - 8,840 manat.
More than two thirds (71.04%) of the contracts on compulsory insurance of immovable property were for houses and flats, 0.52% - for office buildings, 28.44% - for other real estate.
The maximum amount of insurance coverage for property in Baku is 25,000 manat, in Ganja, Sumgait and Nakhchivan it is AZN 20,000, and in other localities it is 15,000 manat.
Insurance rate for this type of insurance is 0.2% of the sum insured.
Licenses to provide for compulsory insurance of real estate belong to 12 insurance companies, those for mandatory insurance of civil liability in real estate operations belong to 11 companies, and those for insurance of passengers belong to 1 company. --17D-
Economics
-
Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
-
The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
-
Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
-
In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
Leave a review