BAKU, Azerbaijan, February 17. Azerbaijan's Agrarian Insurance Fund shelled out a hefty 6.4 million manat ($3.7 million) in insurance compensation to farmers and businesses affected by various events in 2024.
The data obtained by Trend from the Ministry of Agriculture shows that this is the largest annual insurance payment recorded since the establishment of the Agrarian Insurance Fund.
Moreover, agricultural insurance payments increased by 2 million manat ($3.7 million), or 46 percent, compared to 2023, when the total payment to farmers and businesses was 4.4 million manat ($2.5 million).
Additionally, the majority of insurance payments were made for crop insurance in 2024, totaling 5.2 million manat ($3 million), while livestock insurance accounted for over 1.7 million manat ($1 million). Payments for crop insurance saw a significant increase of nearly 50 percent compared to 2023, where they stood at 3.5 million manat ($2 million). Payments for livestock insurance also rose by nearly 267,000 manat ($157,059), or 29 percent, with 910,000 manat ($535,295) paid out in 2023.
The most common insured events in agriculture for 2024 included storms, floods, and hail, with insurance claims related to crops such as wheat, cotton, corn, grapes, cherries, apples, almonds, apricots, rice, and watermelon. For livestock, the highest insurance payments were made due to infectious diseases, poisoning from feed, and stings from insects and snakes.
To note, the Agrarian Insurance Fund protects farms against numerous risks, including natural disasters, storms, hail, frost, fire, flooding, actions of third parties, attacks by wild animals, poisoning, and more. To support farmers, the state covers 50 percent of the agricultural insurance premium, allowing farmers to insure their operations under favorable terms.
Currently, insurance for fruit orchards against frost and other risks continues, and the Agrarian Insurance Fund invites farmers to insure their properties under advantageous conditions. For more information or to sign up for insurance, farmers can contact the Fund’s Call Center at 1651 or visit its regional offices.
Farmers can also calculate their insurance premiums using the "Insurance Calculator" on the official website, www.asf.gov.az.