Specific insurance - the risks of parking in hotels and restaurants
Do not trust the keys of your cars to the staff of hotels and restaurants, experts warn. In Azerbaijan, a few insurance companies are willing to pay compensation as a result of such a situation occurred with the case - only 4 of them include a similar service in the policy Hull Insurance (optional 50-60 manats to the base rates).
Another financial structure, Azerbaycan Senaye Sigorta, is ready to pay for the inconvenience if the person providing the services has a license (or at least the individual employment contract ) from the office, on whose territory the incident occurred. The company AzSigorta demand for payment is the presence of a driving license at the park staff member. The company Ateshgah puts the question even tougher - for payment upon the incident it requires a power of attorney in the name of the host institution of the park.
In the list of services provided by Alfa Sigorta, A Group and Atasigorta, insurance against accidents and other incidents during parking is not included.
The Azerbaijani legislation also does not provide specific services. Insurers are free to individually determine the kinds, the rates and the coefficients in the provision of " sensitive " types of insurance. Thus, the company Bashak Inam to the base price of the contract for Hull car insurance (300 manats per car costing $ 10 000 manats) bids up an additional 0.5 % for each type of specific services , and the allowance of Standard Insurance also is 0.5%, but already to 400 manat for a car worth 10,000 manat . - 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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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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