"In the first 9 months of 2024, we collected insurance premiums amounting to over AZN 10.8 million (~EUR 5.72 million) for crops and issued guarantees totaling around AZN 457 million (USD 268.8 million). Also, during the period, 2,380 of livestock was insured across the country. We collected AZN 1.41 million for livestock insurance with insurance coverage worth more than AZN 14 million", the Fund said.
The Fund also highlights that adverse weather conditions, including heavy rainfall and other natural phenomena, have led to increased damage in the agricultural sector and subsequent insurance claims.
The Agrarian Insurance Fund has paid out AZN 3.79 million (USD 2.1 million) for damages to farmers from January through September 2024, which is approximately 2.5 times higher y-o-y. Farmers received AZN 2.90 million (USD 1.7 million) compensation for crops and AZN 881,000 (USD 518,241) for livestock. This year, paid claims for crop losses increased by 3.7 times, while payments for damage to livestock farms saw an increase of over 40%, the source writes.
*1 EUR = 1.8976 AZN (September 30th, 2024)
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