BAKU, Azerbaijan, Oct.11
Trend:
All-time high indicators have been recorded in the field of agricultural insurance in Azerbaijan through the state support, the Agricultural Insurance Fund told Trend on Oct.11
According to the fund, from January through September 2021, the amount of fees has exceeded 3.9 million manat ($2.3 million).
Most of this amount fell on livestock breeding. So, for the insurance of livestock, there was paid an amount of 3.2 million manat ($1.8 million), and within the insurance of crops - 638,000 manat ($375,290).
The indicators for the first nine months of 2021 have shown that agricultural insurance is a driver of the insurance sector in Azerbaijan.
So, during the reporting period, fees worth almost 3.91 million manat ($2.3 million manat) or 85 percent of the total fees (4.61 million manat or $2.71 million) for agricultural insurance were collected by the fund, up by more than 2.6 million manat ($1.5 million), or twice compared to average annual fees.
More significant growth has been achieved in some areas. So, the volume of insurance fees for agricultural livestock collected by the fund in the first nine months of this year amounted to 195 percent of the total volume in 2020 (1.94 million manat or $1.14 million).
Totally, during the reporting period, the fund has insured 14,667 heads of livestock, and 17,249 hectares of sown fields. To date, the fund has insured risks in the amount of 74.5 million manat ($43.8 million).
(1 USD = 1.7 AZN on Oct.11)