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)

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Follow the author on Twitter: @Fidan_Babaeva

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