Reduced Amount of Payments to Victims in Manufacturing
Insurance companies of Azerbaijan in January-February this year as part of compulsory insurance and disability of individuals from accidents and occupational diseases in the aggregate collected 5.6 million manat (3.4% to 1 March last year).
According to the Association of Insurers of Azerbaijan (AIA), in January-February 2015, insurers made payments on this type of insurance in the amount of 628.5 thousand manat (minus 58.8%).
Services for this type of insurance are provided by three insurance companies.
The law "On compulsory insurance and disability of individuals from accidents and occupational diseases" was promulgated from December 16, 2010, after the completion of the approval of legal acts to the commencement of services for this type of insurance.
According to the decree of the Cabinet, all economic activities are divided into 14 levels of risk. Based on this level of risk, the amount of the insurance rate is determined for employees and workers in the enterprise, which ranges from 0.2% to 2%, depending on the risk level of the enterprise.
Under the law insurance rate is estimated to fund wages in the enterprise. The law provides for three types of insurance payments: monthly, one-time and extra. --17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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