AZERBAIJAN: Agricultural Insurance Fund payments to farmers increase annually

30 October 2023 — Marina MAGNAVAL
The Agricultural Insurance Fund of Azerbaijan, which insures farmland and farms, has begun paying damages to farmers in connection with events and registered losses during 2023, Trend reports.

According to the Fund, payments will cover damage caused to agricultural fields because of events that occurred during 2023. During 2023, about 9,000 such claims were received. Most of them are related to damage caused by hurricanes, mudflows, floods, hail, and so on.

“Insured events were recorded in all regions of the country and for most types of crops insured by the Agricultural Insurance Fund. Most claims were registered for wheat, barley, cotton, and corn”, the Fund said in its statement.

The Agricultural Insurance Fund began its activities in Azerbaijan in August 2019. Since the start of operations, payments to farmers have increased annually. In 2021, the fund made payments worth AZN 1.2 million, in 2022 – AZN 2.4 million, and in 2023 the figure is expected to increase even more.

* EUR 1 = AZN 1.80 (as of 29.10.2023)