BAKU, Azerbaijan, May 15. Uzbekistan is moving to Azerbaijan's model of agro-insurance, the representative of the Ministry of Economy and Finance of Uzbekistan Botir Usmonaliyev said, Trend reports.
He made the remark at a panel session on "Prospects of development of agro-insurance system: Azerbaijan's experience, challenges and international challenges."
According to him, over the past 2-3 years Uzbekistan has been actively engaged in the development of agricultural insurance system, which has been effectively operating in Azerbaijan for five years.
Usmonaliyev noted that earlier agricultural insurance in Uzbekistan was carried out on a general basis through commercial insurance companies, but this model has not yielded positive results.
“Therefore, on the instructions of the head of our state, we began to study various approaches to agro-insurance, including in Spain, Türkiye, and Azerbaijan. Over the past two years, we have especially actively cooperated with Türkiye and Azerbaijan, studying their model in this area. Following the results of this cooperation, a law on insurance of agricultural risks was adopted in our country,” he said.
The official said that after the adoption of the law, work is underway on the formation of a special fund and the development of regulations governing its activities.
“We are currently moving to the Azerbaijani model of agro-insurance,” Usmonaliyev emphasized.