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Potential of agricultural insurance market in Azerbaijan is estimated at 100 million manat

Business Materials 9 July 2011 16:11

Azerbaijan, Baku, July 9 /Trend, A.Akhundov/
The potential of the agricultural insurance market in Azerbaijan is estimated at 100 million manat, said the Chairman of Azerbaijani-Turkish Başak İnam Sığorta Insurance Company Orkhan Hasanov.
"The prospects of insurance in agriculture are very large, there are 100 million manat premiums here. This is calculated based on the statistics of the Agriculture Ministry," said Hasanov.
According to him, in connection with this, the company has selected insurance in the field of agriculture as a priority.
"Azerbaijan implements the program on food security, there is state support of agriculture. We also want to participate in it, and therefore, chose agriculture as a priority and received reinsurance support from shareholder of Groupama. We are passing them up to 75 percent of risk in this sphere," Hasanov said.
He said now negotiations are conducted with the World Bank on obtaining technical assistance.
"We met with the World Bank, asked them to provide support to us. From them we can get technical support, because the bank does not generally provide financial support to the private sector," said Hasanov.

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