BAKU, Azerbaijan, June 1. Agricultural insurance plays an important role in the development of agriculture and its importance for the country’s economy cannot be underestimated, insurance expert Kamran Babayev told Trend.
According to him, this is an important factor in the activities of farmers who may face losses caused by natural disasters.
Babayev noted that agricultural insurance is a necessity for those engaged in agricultural activities, as one unfavorable year can lead to serious losses exceeding profits in previous years.
“Agricultural insurance offers protection against various risks, including floods and hail. This is important for farmers as natural disasters can completely destroy crops and lead to significant losses. Insurance should not be economized on in any case,” Babayev said.
The expert emphasized that agricultural insurance is currently successfully developing in Azerbaijan thanks to the creation of the Agricultural Insurance Fund.
“The Fund offers insurance for 41 types of agricultural crops against 15 different types of risks, which offers significant opportunities for farmers. However, the field of agricultural insurance still needs further digitization to provide more convenient and accessible conditions for farmers. Another important aspect is informing the population about the benefits of agricultural insurance,” he added.
Babayev emphasized that the development of agricultural insurance is a strategic task for the country’s economy as it contributes to the sustainable development of agriculture.