Azerbaijan preparing new law on stimulating agricultural insurance

Business Materials 26 January 2018 16:03 (UTC +04:00)
Azerbaijan preparing new law on stimulating agricultural insurance

Baku, Azerbaijan, Jan. 26

By Anvar Mammadov – Trend:

The Committee for Agrarian Policy of the Azerbaijani parliament will view the draft law "On Stimulation of Agricultural Insurance" in May 2018.

This is stipulated by the plan of legislative work of the committee for the spring session of 2018, approved on Jan. 26 at the parliament’s meeting.

Chairman of the parliamentary committee Eldar Ibrahimov said that currently, the Ministry of Agriculture of Azerbaijan continues work on the draft law.

“The project was to be submitted to the parliament during the autumn session last year, but it was not fully developed. We hope that at the spring session the drafting of the bill will be completed,” noted Ibrahimov.

The average tariff for agricultural insurance is about 1,500 manats per year (five percent per one hectare), and the average profit per hectare is about 25,000 manat per year in Azerbaijan.

According to the Financial Market Supervisory Authority (FIMSA), premiums in the agricultural insurance market amounted to 4.33 million manats, and payments totaled 1.51 million manats in 2017.

(1 USD = 1.7001 AZN on Jan. 26)