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Azerbaijan Eyes to Create Agricultural Insurance Fund
Source: http://en.trend.az/
Source Date: Monday, December 19, 2016
Focus: Electronic and Mobile Government, ICT for MDGs, Knowledge Management in Government, Internet Governance
Country: Azerbaijan
Created: Dec 20, 2016

It is planned to establish an agricultural insurance fund in Azerbaijan in 2018, according to the Strategic Road Map for the manufacture and processing of agricultural products in the country published in Azerbaijan’s official press.

“Azerbaijan’s Financial Markets Supervision Chamber and the country’s Ministry of Agriculture with the participation of private insurance companies will study the possibility of creating an insurance fund to expand the coverage of agricultural insurance,” the document noted.

“International experience in this area will be studied, and reports prepared, which will include an analysis of the potential impact the fund’s creation may have on insurance of producers and development of the agriculture sphere as a whole,” said the document.

Changes to the existing legislation related to agricultural insurance in Azerbaijan will also be proposed, according to the document.

“These amendments include proposals for differential agricultural insurance (according to districts and products), as well as the use of compulsory insurance (for some products),” said the document. “In addition, it is planned to create an information base that includes climate data, information on natural disasters, animal and plant diseases as well as data on productivity.”

The main objectives of the Strategic Road Map are strengthening the sustainability of food security, simplifying the access to financial resources, improving the quality of professional education, development of consulting and information services, simplification of the access to the markets for manufacturers, development of market infrastructure, improving the business environment in Azerbaijan’s agricultural sector and others.

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