Azerbaijani Finance Ministry prepares agricultural insurance development proposals
Azerbaijan, Baku, 20 June / Trend A.Akhundov /
The Ministry of Finance of Azerbaijan is preparing proposals to amend the existing insurance legislation for the development of agricultural insurance in the country, Azerbaijan's Finance Minister Samir Sharifov, said whilst taking part in the fourth International Insurance Forum in Baku, on Thursday.
"I would not say that this type of insurance is not functioning in our country. However, the market is very limited and customers are insufficiently informed. On the other hand, existing mechanisms are not perfect," Sharifov said.
According to him, the ministry along with the big insurance companies is studying foreign experience for the development of this type of insurance.
"In the near future we will prepare and submit proposals to the government on the development of this type of insurance. Proposals include amendments to the legislation so that we can make greater use of this type," Sharifov said.
There are 28 insurance and one reinsurance company operating in Azerbaijan.