Minister: 25% of agricultural lands are insured

16:13 - 20.06.2024

June 20, Fineko/ The agricultural insurance system used in Azerbaijan was formed with the support of fraternal Türkiye. This system, created with the cooperation of the public and private sectors, strengthens the insurance market.

ABC.AZ reports that Agriculture Minister Majnun Mammadov said this during his speech at the international insurance forum in Baku.

He added that the goals related to the agricultural insurance sector are broad.

“It is planned to introduce more innovative insurance products. We are cooperating with fraternal Uzbekistan, and new products will appear in the future,” the minister noted.

Everyone knows that agriculture is an industry directly related to nature. In this sense, global climate change is increasing its negative impact on the agricultural sector. Global warming, reduction and abnormal distribution of precipitation, floods and mudslides, as well as the constant impact of erosion and salinization of soils pose serious problems for the agricultural sector. The Government of Azerbaijan, in turn, supports the development of climate-adapted agricultural systems. The introduction of modern technologies into climate-friendly smart agriculture and horticulture is being stimulated.

According to the minister, one of the important issues from angle of ensuring the sustainable development of the agricultural sector is the mechanism of agricultural insurance. Based on international best practices, insurance mechanisms are considered to be the most important mechanism for risk management and ensuring sustainable functioning in the agricultural sector. The agricultural insurance model used in Azerbaijan has been developed based on the successful application of similar systems in the world. The agricultural insurance system in our country is based on the experience and support of the TARSIM system of the fraternal Turkish republic. This model is designed to ensure the sustainable activities of our farmers, stimulate interest in the field and maintain the stability of their incomes. This model, based on cooperation between the public and private sectors, is functional and successful.