BAKU, Azerbaijan, October 27. The Agrarian Insurance Fund of Azerbaijan, which insures agricultural lands and farms in Azerbaijan, has started paying damages to farmers and farms in connection with incidents and registered losses during 2023, the fund told Trend.
The insurance payments will cover agricultural field damage caused by occurrences in 2023.
Hail, fire, earthquake, landslide, hurricane, storm, mudslide and flood, heavy rain, lightning, frost, significant snowfall, and third-party activities are all covered by the Agrarian Insurance Fund.
SMS notifications, according to the fund, have already begun to be delivered to farmers and farms whose documents have been accepted. Individuals who received an SMS message are being requested to show payment documentation.
According to the Agrarian Insurance Fund, about 9,000 appeals in connection with incidents were received during 2023. Most of the appeals are related to incidents caused by the consequences of hurricane, mudslides, floods, hail and so on.
"Insurance claims have been recorded in all regions of the country and for most types of crops insured by the Agrarian Insurance Fund. The most claims were registered for wheat, barley, cotton and corn crops," the fund said.
The Agrarian Insurance Fund has created a reserve in the necessary volume to make payments for the incidents that occurred from the beginning of the year until now. The financial capacity of the fund is sufficient and allows to cover all registered and confirmed insured events.
The Agrarian Insurance Fund, which started its activity by the decree of the President of Azerbaijan Ilham Aliyev dated August 19, 2019, insures crop, livestock and aquaculture (fish farming) farms.
The fund's payments to farmers and farms have increased annually since it started its activity. In 2021, the Fund made insurance payments of 1.2 million manat ($705,882), in 2022 - 2.4 million manat ($1.4 million), in 2023 this figure will increase even more.
The list of products and risks covered by the Agrarian Insurance Fund is regularly expanding, and currently the fund protects crops for 41 plant species against 28 types of risks.
To support the agrarian sector and farmers, 50 percent of agrarian insurance premiums are paid by the state.
Detailed information on services, insured products and risks borne by the Agrarian Insurance Fund can be found on the official website of the Fund (asf.gov.az) or can be obtained from the call center by calling the number "1651".