BAKU, Azerbaijan, October 29. A total of 405,604 hectares of cultivated land have been insured in Azerbaijan in the first 9 months of this year, the Agrarian Insurance Fund told Trend.
The report indicates that the most commonly insured crops during this period included pomegranate and hazelnut orchards, corn, raw rice, sugar beets, wheat, barley, and cotton fields.
"During the first 9 months of this year, we collected insurance premiums amounting to over 10.8 million manat for crops and issued guarantees totaling around 457 million manat ($268.8 million)," the fund said.
Additionally, during this timeframe, 2,380 livestock were insured, contributing to over 1.4 million manat ($823,542) in premiums, with insurance coverage exceeding 14 million manat ($8.2 million).
The report also highlights that adverse weather conditions, including heavy rainfall and other natural phenomena, have led to increased damage in the agricultural sector and subsequent insurance payouts.
The Agrarian Insurance Fund has paid out 3.7 million manat ($2.1 million) in damages to farmers from January through September 2024, which is approximately 2.5 times higher than the same period last year. In contrast, during the first 9 months of last year, farmers received about 1.4 million manat ($823,542) in payouts.
Farmers received 2.9 million manat ($1.7 million) in insurance payments for crop production and 881,000 manat ($518,241) for livestock insurance. This year, insurance payments for crop losses increased by 3.7 times, while payments for damage to livestock farms saw an increase of over 40 percent.
Notably, the agricultural insurance in Azerbaijan is supported by the government, which covers 50 percent of the insurance premiums to assist farmers. This support enables farmers to insure their operations against various risks at a minimal cost.
For more information about the Agrarian Insurance Fund and its offerings, interested parties can visit the official website at www.asf.gov.az.