BAKU, Azerbaijan, May 7. The Agricultural Insurance Fund of Azerbaijan has paid insurance totaling 23 million manat ($13.6 million) to thousands of farmers and farm owners so far, and this figure is increasing every year, Minister of Agriculture Majnun Mammadov said at the Insurance Forum on the topic "Agricultural insurance umbrella against risks" held in Baku today,TurkicWorld reports.
He noted that in 2025, agricultural products worth 7.6 billion manat ($4.47 billion) were manufactured in Azerbaijan. The agricultural sector accounts for 5.9% in GDP, and 8.3% in the non-oil sector.
According to him, this sector plays an important role in the food security of our country - 80% of food consumption is provided by local production.
"In recent years, as in other areas, serious development and qualitative changes have been taking place in agriculture in Azerbaijan. This progress is manifested both in quantitative indicators and in structural reforms. Thus, along with the overall growth, the structure of the agrarian sector is being renewed; along with ensuring food security, an export-oriented and effective agrarian economic model is being established.
Currently, climate change is being observed in the world, including Azerbaijan. The growth in unstable weather conditions, the frequent occurrence of droughts and floods are clear evidence of this. According to World Bank research, the number of catastrophic events in the world has increased threefold in the last 30 years, and these figures continue to increase every year," Mammadov explained.
The minister emphasized that the sector most affected by climate change is agriculture.
"The damage caused to the agricultural sector by these changes in the world is measured in billions of dollars. In Azerbaijan, an agricultural insurance mechanism has been created by the country's leadership in order to insure these risks and protect agriculture from the consequences of climate change.
"Agrarian insurance is a new and very important mechanism created by the state to support agriculture. This mechanism not only covers losses incurred by farmers, but also ensures the stability of income and forms a favorable investment climate in the field," he added.
