Uzbekistan adopts Azerbaijan’s agricultural insurance model

Uzbekistan is transitioning to the Azerbaijani model of agricultural insurance, according to Botir Usmonaliev, a representative of Uzbekistan’s Ministry of Economy and Finance.

Usmonaliev made the announcement during a panel session titled “Prospects for the Development of the Agricultural Insurance System: Azerbaijan’s Experience, Challenges and International Practice”, held within the framework of the 2nd International Agrarian Innovation Forum in Baku, Caliber.Az reports, citing local media.

According to him, Uzbekistan has been actively developing its agricultural insurance system over the past two to three years. Azerbaijan’s system has already been functioning effectively for five years, providing a useful example.

Usmonaliev noted that agricultural insurance in Uzbekistan had previously been conducted on general terms through commercial insurance companies, but this model failed to produce positive results.

“For this reason, following the instructions of our head of state, we began studying various approaches to agricultural insurance, including those in Spain, Türkiye and Azerbaijan. Over the past two years, we have worked especially closely with Türkiye and Azerbaijan, studying their models in this field. As a result of this cooperation, a law on agricultural risk insurance was adopted in our country,” he said.

He added that following the law’s adoption, work is now underway to establish a dedicated fund and to develop regulatory acts governing its operation.

“At present, we are moving to the Azerbaijani model of agricultural insurance,” Usmonaliev emphasised.

By Tamilla Hasanova