Still low share of payments in the life insurance segment
Due to the widening of corporate contracts compulsory insurance disability individuals from accidents and occupational diseases. In January-June total prize three specialized local insurers amounted to AZN 18,875,050 (7.1% as of 1 July 2013).
According to the State Insurance Supervision Service of the Ministry of Finance in June there were the least fees – 1,418,922.48 manat - as a rule, this type of insurance is half-filled in Q1, then premiums are collected by inertia.
The share of payments in the segment (1 138 124.12 manat) was minuscule - 6.03%, with a tendency to increase (+79.7% per year).
The law "On mandatory insurance of disability individuals from accidents and occupational diseases" operating since December 2010. According to the decision of the Cabinet AR, all economic activities are divided into 14 levels of risk. Based on this level of risk, determined the size of the insurance rate for employees and workers in the enterprise, which ranges from 0.2% to 2% depending on the risk level of the enterprise.
According to the law the insurance rate is calculated to payroll at the company. The law provides for three types of insurance payment: monthly, single and extra. -17D-
Economics
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On September 20, 2024, Volts Energy Ltd., an engineering company based in Abu Dhabi, and Azerbaijan’s Turan Energy LLC announced the creation of a new joint entity, TuranVoltsEnergy. This venture will focus on EPC (Engineering, Procurement, and Construction) projects in renewable energy and energy storage systems within Azerbaijan.
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The number of passengers traveling by air from Azerbaijan has seen a significant increase in 2024, rising by 26.7% from January to September compared to the same period last year. According to the State Agency for Tourism, a total of 2,548,897 people used air transport services to travel to 40 countries during this period.
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Azerbaijan’s prolonged border closures, approaching five years, have taken a profound toll on the labor market, particularly in border regions, where cross-border trade and services were once critical economic drivers. Official data highlights the stark disparity between the growing labor force and the lack of new job creation in these areas, underscoring the social and economic challenges faced by residents.
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Azerbaijan’s food imports have surged to unprecedented levels, with a significant rise recorded in the first nine months of 2024, according to data from the State Customs Committee. Food imports for January-September reached USD 1.755 billion, marking an 11.4% increase over the same period last year. This represents a USD 179.7 million increase compared to 2023, setting a record for food imports in the country’s history. Over the past decade, food imports have more than doubled, rising by 2.4 times, with a notable 52.5% growth in the last five years alone.
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