Azerbaijan starts applying beneficial insurance of hazelnut fields

Azerbaijan starts applying beneficial insurance of hazelnut fields

BAKU, Azerbaijan, Feb.2

By Fidan Babayeva – Trend:

The agricultural insurance mechanism in Azerbaijan is planned to be applied to 14 types of crop products, including wheat, barley, corn, potatoes, sugar beets, oranges, tea, tobacco, grapes, nuts, cotton, and others, a source in the Agricultural Insurance Fund told Trend.

The source noted that farmers and businessmen can already apply for insurance of hazelnut fields in 2021.

"At present, hazelnuts are grown in most districts of Azerbaijan, especially those ones within Shaki-Zagatala and Guba-Khachmaz regions. When insuring fields for hazelnuts, the yield, cost, area in which the products are grown, the selected insurance package will be taken into account," said the source.

According to the rules, for the calculation, yield rates and prices for one hectare for hazelnuts are determined. So, the norm of the yield of hazelnuts per hectare is set within 0.1-135 centners, and the price is 350 manat ($205.9)- 550 manat ($323.5) / centner.

"For example, in Zagatala district (Shaki-Zagatala region), the sown area is 5 hectares, and the expected yield per hectare is 12 centners with a market value of 1 centner of production of 360 manat ($211.7). Thus, the insurance sum is calculated by the formula: 5 x 12 x 360 = 21,600 manat ($12,710),” the source noted. “According to the rules, two insurance packages are offered for insurance of hazelnuts within the framework of agricultural insurance. The first is the ‘basic package’, which covers most of the risks, and the other is the package that covers additional risks.”

The exemption of the insurer from the payment of the sum insured in the ‘basic package’ is 10 percent. The discount on the second insurance package is 30 percent. It’s impossible to choose the second insurance package without choosing the ‘basic package’, the source pointed out.

According to the data, insurance rates and premiums required to insure fields vary by region, as well as performance, price and chosen insurance package.

"The highest tariffs for insurance against accidents are imposed in the Ganja-Gazakh and Shaki-Zagatala economic regions, and the lowest are in the Guba-Khachmaz, Lankaran and Absheron regions," the source emphasized.

Besides, according to the source, when insuring fields for hazelnuts, farmers are provided with additional benefits when paying an insurance premium. So, if the territory in which the insured product is located has protective structures against hail, benefits in the amount of five percent of insurance premiums are provided.

In addition, for each year ended without an insured event, the farmer will receive a discount of about five percent on insurance. Farmers under the age of 29 will pay 5 percent less insurance premiums using the Young Farmer benefit. Farmers and businessmen can already apply for insurance of hazelnut fields.

Applications will be accepted until May 10, 2021.

(1 USD = 1.7 AZN on Feb.2)


Follow the author on Twitter: @Fidan_Babaeva

European Council President pledges Georgia to have access to Covid-19 vaccine
European Council President pledges Georgia to have access to Covid-19 vaccine
More cargo from Georgia to Lithuania expected in future by Klaipeda Seaport
More cargo from Georgia to Lithuania expected in future by Klaipeda Seaport
Overdue debt increases in Georgia
Overdue debt increases in Georgia
Loading Bars
UN chief asks for generous donations for Yemen humanitarian operations
5 killed in helicopter crash in east China
New service of money transfers between Russia, Azerbaijan launched
Number of COVID-2019 cases across globe up by over 347,000 in past day
EU to propose vaccine certificates in time for summer holidays
Turkey eases coronavirus restrictions as cafes, eateries reopen
European Council President pledges Georgia to have access to Covid-19 vaccine
First vaccine against coronavirus registered in Uzbekistan
Iran, Syria enjoy $1.5 billion trade capacity: Official
More cargo from Georgia to Lithuania expected in future by Klaipeda Seaport
Azerbaijani Defense Minister, Ambassador of Belarus discuss prospects for development of military co-op
Azerbaijani FM, Uzbek ambassador exchange views on current situation in region (PHOTO)
Numerous people take part in online survey on return to Azerbaijan’s Nagorno-Karabakh region
Azerbaijani State Insurance Commerce Company talks about closure of some branches
Azerbaijan to develop new services for microfinance sector
Overdue debt increases in Georgia
Georgia sees increase in volume of deposits in lari
Georgian commercial banks see decline in lending
Azerbaijan to use Turkey's experience in restoring monuments in liberated lands (PHOTO)
Georgian farmers can now get diesel benefits online
Iran's Energy Exchange announces products to be on sale on March 2
Azerbaijani SOFAZ unveils volume of foreign currency sold at auctions during February
Presidential website releases full version of press-conference of Azerbaijani president (VIDEO)
Uzbekistan, Organization of Islamic Cooperation talk prospects of cooperation
Georgia to secure first doses of Oxford-AstraZeneca COVID-19 vaccine
Iran’s Bahar Azadi gold coin price rebounds
Statement in support of Azerbaijan's territorial integrity adopted at conference in Iran (PHOTO)
Contract signed in Iran on fish farming
Former French president Sarkozy convicted of corruption, handed jail sentence
Iran and Georgia fix problem with transit of trucks, through Azerbaijan
Azerbaijani SME Development Agency receives numerous applications for creation of businesses in liberated lands
Beekeeping to rapidly develop in liberated Azerbaijani lands - Association
Uzbekistan’s state budget expenditures mainly account for social sphere
State Insurance Organization opens tender for installation of drip irrigation system
Buta Airways Launches Flights to Tbilisi
Non-oil exports from Azerbaijan show uptick - CAERC
Russian industrial holding sells its shares in Uzbek cement enterprise
EU to propose vaccine passports in March in time for summer
Azerbaijan and Iran to build new bridge over Astarachay - Iranian ambassador
Kazakhstan resumes flights from Almaty to Kyrgyzstan
Azerbaijan confirms 71 more COVID-19 recoveries
First UAE ambassador arrives in Israel, eyes Tel Aviv embassy
China's import of Azerbaijani products grows multifold in value terms
Turkmen Health Ministry opens tender to purchase of medical equipment
Volume of fish caught in Iran's Golestan Province announced
Gasoline prices surge in Kazakhstan
Iran seeks to enhance relations between Caspian states in transport sphere - ambassador
Turkey records lower revenues from car export to Iran in Jan. 2021
Raiffeisen Bank continues to monitor Turkmenistan's business perspectives
Azerbaijan publishes data on computer security requests for February
Azerbaijan issues data on foreign trade turnover of precious stones, natural pearls
Azerbaijani army's mortar batteries continue live-fire training exercises (VİDEO)
Iran and Azerbaijan to cooperate in reconstruction of Karabakh
Georgia thanks EU for strong partnership and support
Turkey issues data on Jan. 2021 volume of crude oil shipment via local ports
New organizations registered within Azerbaijan's '' web domain
Turkey records substantial growth in exports to Turkic-speaking countries
Weekly review of Georgian capital markets (Feb.22 through Feb.26)
Germany eyes co-op with Uzbekistan in construction of Mazar-i-Sharif – Kabul – Peshawar railway
Kazakhstan boosts imports from Vietnam
WTO to hold ministerial meeting in Geneva in late 2021
Azerbaijan plans to raise SMEs' share in non-oil GDP by 2025
Data on quality of services from Azerbaijani mobile operators issued
Uzbekistan attracts Russian experts for reconstruction of Sardoba reservoir
Turkmenistan allocates land for planting legumes in Dashoguz region
Details of release of Iranian blocked assets in South Korea
Iran to restrict sea traveling during Nowruz holiday
Payments firm Klarna triples valuation to $31 billion by raising $1 billion
Iran to increase border control
Georgia aims to import wheat from Kazakhstan
Iran reveals COVID-19 data for March 1
UK consumer credit slumped as new lockdown hit in January
Azerbaijan's SOCAR Polymer maintains leading positions on export in private sector
Saudia plans to order 70 Airbus, Boeing jets
Number of payment cards in circulation surges in Kazakhstan
Ankara hosts meeting of Joint Azerbaijan-Turkey Commission on Culture (PHOTO)
S&P names key risks for Georgian economy in 2021
OECD recommends steps to develop export-oriented agriculture sector of Georgia
Kazakhstan Railways opens tender to buy pipes
Uzbekneftegaz launches second compressor station at Alan field
Uzbek-Korean JSC announces tender for transport services
Iran plans to increase amount of airplanes flying over its territory
Iranian gov't approves a seven-year plan to save Gorgan Bay
Iran's Atomic Energy Organization talks Bushehr Nuclear Power Plant
Non-cash payments by foreigners in Azerbaijan plummet
Azerbaijan's satellite operator discloses revenues for Jan.2021
Turkish TOBB reveals number of registered Iranian companies in Jan.2021
Volume of problem loans in Azerbaijan decreases
Central Bank of Azerbaijan shares data of deposit operations of Azerbaijani commercial banks
Turkey announces coal handling figures via local ports over January 2021
Kazakhstan sees decrease in overall lending volumes
Third export train with Turkish-made goods sent to China via BTK railway
Area for growing crops increased in Turkmenistan
Iranian Parliament to review Pensions Bill
Georgia expects GDP to recover
Iran seeks to stabilise commodity prices and foreign currency rate
Iran shares data for foreign trade
Iran to adopt domestically produced equipment for National Information Network
Iranian government expresses concerns over FATF related bills
Iran provides free electricity to low consuming users
All news