BAKU, Azerbaijan, June 2
By Fidan Babayeva – Trend:
Azerbaijan’s Agricultural Insurance Fund will gradually launch insurance modules to provide quality insurance services, Chairman of the board of the fund Fuad Sadigov told Trend.
The first module is insurance of cattle, which is at the final stage of development, the chairman said.
The modulation principle was approved by the Azerbaijani Cabinet of Ministers on December 17, 2019 and includes 14 modules for crop insurance, which will provide insurance coverage for 85 percent of crops grown in Azerbaijan, one for cattle insurance and one for aquaculture insurance, he noted.
“Increasing the number of modules is not on the agenda. However, given the main requirements of the fund, which are the development, sustainability, and steadiness of the agricultural insurance system, the fund naturally will expand the range of products that will protect the interests of policyholders,” Sadigov stressed.
Azerbaijani President Ilham Aliyev signed a decree on August 19, 2019 on the applying of the Law on Agricultural Insurance and the establishment of the Agricultural Insurance Fund, a non-profit legal entity that ensures organization, development and sustainability of the agricultural insurance system in Azerbaijan, as well as the formation of a governing structure and exercises control for its activity.
The Azerbaijani Cabinet of Ministers approved the Charter of the Agricultural Insurance Fund on December 14, 2019. The Charter includes the goals of the activity, obligations and rights of the Fund, the fundamentals of its management, authorized capital, property and financial activity, the procedure for compiling and submitting audit and accounting reports, as well as other issues.
Currently, 21 insurance companies and one reinsurance company operate in Azerbaijan.
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