BAKU, Azerbaijan, June 20. The Agrarian Insurance Fund of Azerbaijan plans to increase the share of insured agricultural areas in Azerbaijan from the current 25 percent to 31 percent, the Chairman of the Board of the Agrarian Insurance Fund Fuad Sadigov said, Trend reports.
He made the remark during the panel discussion "Impact of climate change on the insurance industry" within the framework of the Azerbaijan International Insurance Forum-2024 (AIIF-2024).
"Over the past three years, agricultural insurance in the country has been developing dynamically. Agricultural insurance covers various risks, such as storms, hurricanes, and droughts, and plays an important role in ensuring food security. We are planning to ensure that additional agricultural areas are vulnerable to the effects of climate change. These initiatives are aimed at providing comprehensive protection for farmers and reducing the negative impact of risks such as drought," he emphasized.
To note, in the near future, Azerbaijan plans to expand the coverage of agricultural insurance and introduce more innovative insurance products to minimize the impact of climate change on the agricultural sector.
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