BAKU, Azerbaijan, June 20. Azerbaijan's agro-insurance model has been developed based on successful experience of similar systems in the world, the Minister of Agriculture Majnun Mammadov said during the opening ceremony of the Azerbaijan International Insurance Forum-2024 (AIIF-2024), Trend reports.
According to him, one of the key issues in ensuring sustainable development of the agrarian sector in Azerbaijan is the introduction of an agricultural insurance mechanism.
"According to the experience of the world's best practices, insurance mechanisms are considered the most important tool for risk management and ensuring stable activities in the agricultural sector. The agro-insurance model applied in Azerbaijan has been developed based on the successful experience of similar systems around the world. In Azerbaijan, the agrarian insurance system was formed taking into account the experience and support of the brotherly Republic of Türkiye, in particular, the TARSİM system," he emphasized.
He noted that this model is aimed at ensuring the sustainable activities of farmers, stimulating interest in agriculture, and preserving the sustainability of their income.
"Based on cooperation between the state and the private sector, this model is effective and successful. Production insurance, jointly by the Agrarian Insurance Fund and private insurance companies, reduces investment risks, strengthens state support for farmers, positively affects employment, contributes to food security, and strengthens the insurance market. In this context, the introduction of the agrarian insurance mechanism in our country should be considered as another manifestation of state support for the agricultural sector," he added.
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