Insured persons to receive 50% aid on insurance from this Fund – Details


July 29, Fineko/abc.az. When insuring through the Agricultural Insurance Fund, the state will provide assistance by 50%.

Agricultural insurance services in Azerbaijan have so far been rendered by private insurance companies. Since private companies operated on a commercial basis, in some cases they refused at all to insure businesses they considered unprofitable for themselves.

ABC.AZ reports that the above-said statement was made by AIF chairman of board Fuad Sadigov. He noted that as the AIF operates on a non-commercial basis and its main goal is not to earn money, but to compensate farmers for losses: "Another important point is that when the Fund insures agricultural business, the State will cover 50% of agricultural insurance cost. For example, if the insurance premium is 100 manats, the State will pay 50 manats, and the farmer will pay the remaining 50 manats during the insurance year. In this case, paying even half of the insurance contribution will not be an additional burden for farmers."