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SISS: Expansion of agricultural insurance in Azerbaijan will simplify access to funding

International experience shows that, sustainable development of sector requires certain funding mechanisms

Baku. 26 November. REPORT.AZ/ Expansion of agricultural insurance in Azerbaijan will simplify the access of producers to financial sources.

Report informs, it was stated by Namig Khalilov, head of the State insurance Supervision Service under the Ministry of finance at the training of agricultural insurance, organized by local insurance companies.

Head of Service noted that although the share of the agricultural sector to GDP is low, Azerbaijan can be considered agricultural country: "Approximately 45% of the country lives in rural areas, so the development of the agricultural sector plays an important role in overall development.This is a potential area for growth in GDP.Development of the agricultural sector also contributes to the solution of social problems, to reduce unemployment."

"Development of the agricultural sector ensures food security.International experience shows that, sustainable development of sector requires certain funding mechanisms.Insurance is a mechanism capable of protecting the financial stability of agricultural producers.Today, this area of the country is not developed.To do this required a certain infrastructure, statistical database, the definition of risk, preparation of insurance experts.Our main goal is to introduce international experience in Azerbaijan, agricultural insurance", N.Khalilov said.

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