BAKU, Azerbaijan, May 7. As part of the Insurance Forum on the theme “Agricultural insurance umbrella against risks,” a panel discussion was held on the topic “Common Risks, Common Solutions: The Agricultural Insurance Model,” Trend reports.
The panel discussion was attended by Nasar Hayat, Representative of the UN Food and Agriculture Organization (FAO) in Azerbaijan; Murodjon Achilov, Director of the Agricultural Insurance Fund under the Ministry of Agriculture of Uzbekistan; Shahin Huseynli, Advisor to the Chairman of the Board of the Agricultural Insurance Fund, and Vusal Abbasov, CEO of AzRe Reinsurance CJSC.
In his remarks, Vusal Abbasov discussed reinsurance mechanisms and losses incurred in the agricultural sector as a result of events in various years:
“In the insurance sector, agricultural insurance is typically supported by the state. Other public-private partnerships provide subsidies to partners or help cover large insurance losses, ensuring broader coverage and accessibility. The goal is to keep insurance affordable even under high-risk conditions. In such cases, risk-sharing mechanisms, government support, and insurance are used in conjunction.”
In his speech, Shahin Huseynli highlighted the issues of investment and food security:
“Simply put, agricultural insurance is not just about financial support. It is also about building confidence in agriculture – boosting farmers’ confidence in their investments, their investment capacity, and their resilience. At the same time, it is a mechanism aimed at strengthening food security. We believe that the goals set can yield the best results not only at the national level, but also through international and regional cooperation.”
Nasar Hayat, Representative of the UN Food and Agriculture Organization (FAO), spoke in his address about new approaches to agriculture:
“We need to approach agriculture from a different perspective and view it as agribusiness. Agriculture is no longer just a means of self-sufficiency. It is a business. As entrepreneurs in agribusiness, we must think like owners of stores, companies, restaurants, and business leaders in general.”
The panel continued with discussions and a question-and-answer session.
