New agricultural insurance rules to be worked out in Azerbaijan after adoption of law

Baku, Azerbaijan, June 21

By Anvar Mammadov – Trend:

The agricultural insurance rules will be developed in Azerbaijan after the adoption of the new law, Firdovsi Agashirinov, senior specialist at the Insurance Market Supervision Department of Azerbaijan’s Financial Markets Supervisory Authority (FIMSA), told Trend June 21.

“Presently, the bill is being considered by the Cabinet of Ministers but this bill is a framework law and it does not contain specific insurance rules,” he said.

"After the adoption of the bill, specific insurance rules which will cover such points as tariffs, calculation methods, insurance premiums, risk analysis methods, commissions that will be paid to insurance companies and other mechanisms, will be worked out" Agashirinov said.

“The adoption of the bill does not mean the completion of work over the agricultural insurance mechanism,” President of the National Association of Agriculture Insurers of Russia Korney Bijdov told Trend.

"This is a very laborious job,” he said. “Spain has one of the most successful agricultural insurance systems. The work over the systems has been launched since the period of General Franco’s activity. The mechanism must be constantly improved. I think that Azerbaijani colleagues will take this factor into account in their work."

At present, the law "on assistance and development of agriculture in Azerbaijan" in Azerbaijan regulates state financing of agricultural insurance premiums. The list of crops insured at the expense of the state budget, in addition to wheat, includes barley, corn, sunflower, potatoes, sugar beet, etc.

The average tariff for agricultural insurance in Azerbaijan is about 1,500 manats per year (five percent per hectare), despite the fact that the average profit per hectare of land is about 25,000 manats per year.

According to the Financial Markets Supervision Chamber of Azerbaijan, at the end of May 2018, fees on the agricultural insurance market amounted to 1.56 million manats, with payments amounting to 282,900 manats. A large part of the fees and charges in this area - 947,700 manats - fell on the insurance of livestock.

Follow the author on Twitter: @Anvar_Mammadov

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