Last year, payments under the civil liability of vehicle owners to third parties (insurance) reduced in comparison with 2014 year by 15%.
According to the report of the Bureau of compulsory insurance (ISB), a total of 11 members of the structure have paid from January through the end of December 22,722,698 manat within proven 18,673 cases (minus 10%). Most of the cases (17 326) fell on insurance claims related to damage of vehicles - together amounting to 20,012,450 manat.
New insurance policies apply from 16 December 2011. These tariffs and conditions if the sum insured is damage to property, as well as the health of one person is 5000 manat with total limit per insured case of 50 000 manats. --17D-
Economics
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In 2024, Azerbaijan witnessed significant growth among rapidly expanding enterprises, particularly in the booming non-oil sector. As the government prioritizes economic diversification, companies in industries such as mining, logistics, agriculture, and manufacturing have emerged as key drivers of economic progress.
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Azerbaijan’s State Oil Fund (SOFAZ) reported a 10.7% decline in revenues from the Azeri-Chirag-Gunashli (ACG) oil field block in 2024, amounting to $740.7 million less than the previous year. Total earnings from ACG from the start of 2024 until January 1 stood at $6.16 billion, down from $6.89 billion over the same period in 2023, according to SOFAZ.
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The Azerbaijan Land Transport Agency (AYNA) has reduced the average age of taxis from 15 to 7 years in 2024 as part of comprehensive transport reforms aimed at enhancing safety, sustainability, and service quality.
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Azerbaijan's State Special Communication and Information Security Service (SSCISS) has reported vulnerabilities in the security systems of 857 information resources across state institutions in 2024, marking a 23% increase compared to 2023, according to official data released this week.
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