BAKU, Azerbaijan, November 29. The number of farmers and farms using the state-supported agrarian insurance mechanism and the amounts of insurance payments to them are growing in Azerbaijan, Trend reports.
Particularly, the amount and frequency of payments for damage to orchards and sown fields have sharply increased.
According to the data published by the Agrarian Insurance Fund, a total of 4 million manat ($2.3 million) of agrarian insurance payments were paid to farms from January through October 2024.
This is 2.9 times more than in the same period of the previous year. It should be reminded that in the period from January through October 2023, insurance payments amounting to 1.4 million manat ($823,000) were made.
Out of agrarian insurance payments 3.1 million manat ($1.8 million) were made on gardens and sown areas. This is four times more than in the same period of last year.
During this period, the Agrarian Insurance Fund made payments on the planting of cherry, grape, alycha, apricot, almond, hazelnut, persimmon, lemon, and walnut orchards, as well as on crops of barley, wheat, cotton, rice, corn, potato, cabbage, and soybean.
In the reporting period, 907,000 manat ($533,324) were paid out on insurance of cattle and small-horned livestock, which is 45 percent more than in the same period last year.
A total of 406,500 ha of sown areas were insured, and 10.8 million manat ($6.3 million) of insurance premiums were collected for the first 10 months of 2024 in the country. The most frequently insured areas are the areas where pomegranate, hazelnut, rice, sugar beet, wheat, barley, corn, and cotton are grown.
At the same time, 2,619 heads of farm animals were insured in the country, and 1.5 million manat ($882,000) of insurance premiums were collected in this regard.
In total, 12.4 million manat ($7.2 million) of insurance premiums were collected during this period, and farmers and farms were provided with insurance coverage for the amount of 475 million manat ($279.3 million).
To note, currently, 48 crops can be insured in the Agrarian Insurance Fund, including grain and technical crops, melon crops, and orchards. The Agrarian Insurance Fund insures almost all fruit crops in the country.