About AZN 4 million of premiums gathered on agricultural insurance for Jan-Sept

Azerbaijan has registered record premium figures on agricultural insurance applied with state support.

banks.az was informed at the Ministry of Agriculture that according to the Agricultural Insurance Fund (ASF), over Jan-Sept 2021 the rural insurance premiums were collected for AZN 3.906 million. Most of the gathered premiums and compensation payments related to the livestock sector. Thus, AZN 3.268 million were collected on the insurance of farm animals and AZN 638,000 on the insurance of crop areas.

The Jan-Sept 2021 term showed that the agricultural insurance sector will become one of the main drivers of growth and development of the insurance sector in Azerbaijan. So, during this period ASF gathered 85% of all the agricultural insurance premiums in the country (AZN 4,614), in particular AZN 3,906.

For the first 9 months of 2021 ASF’s insurance premiums exceeded the average amount for the last 5 years (AZN 2,010) by AZN 2,604 or more than 2-fold.