IFC to evaluate potential of agricultural insurance in Azerbaijan

Azerbaijan, Baku, Oct. 3 /Trend, E. Aliyev/

The International Financial Corporation (IFC) will send a review mission to Azerbaijan in October for discussion of the further realization of agricultural insurance project in Azerbaijan, the head of the Azerbaijan Insurers Association (AIA) Orhan Bayramov told Trend on Thursday.

"IFC representatives plan to visit Azerbaijan and discuss the prospects of realization of this project. The AIA has presented detailed information, and at the moment the corporation is studying the Azerbaijani market and its potential, in order to choose a model which is the most appropriate for our market," Bayramov said.

According to him, today the models of Turkey, Ukraine, as well as other European countries' model of agriculture insurance are being considered.

"Upon completion of the review mission, Azerbaijan will be provided with two models, after which negotiations with the government on behalf of Azerbaijani Finance Ministry will start. These talks will define the model which is the most appropriate for Azerbaijan," Bayramov added.

According to additions made to the Law 'On assistance and agricultural development in Azerbaijan' in 2007, the share of the government financing of the premiums in the agriculture insurance was increased from 25 percent to 50 percent.

The list of agricultural crops, insured by state funds, besides wheat, also includes barley, corn, sunflower, potato, sugar beet and vegetables.

The average tariff for agricultural insurance is 1,500 manats per year, and the average income for one hectare of land is about 25,000 manats per year.

There are 28 insurance and one re-insurance companies in Azerbaijan. All of them are AIA members.

Official rate for Oct. 3 is 0.7845 AZN/USD.

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