Form 11 of Finance Ministry to be replenished with insurance against natural disasters and climate impacts

BAKU/23.01.14/Turan : Already this year, the Ministry of Finance and accounting legislation may expand due to security of land from climate change .

Yesterday the country's president held a meeting in Davos with the chairman of Swiss Re International Relations Martin Parker. According to the information portal of the head of state, they exchanged views on the development of the insurance market in Azerbaijan, insurance against natural disasters, the organization of insurance in relation to the prevention of possible accidents in the agricultural sector as a result of climate impacts .

One of the world's largest reinsurance companies Swiss Re has extensive experience in evaluating damages from natural disasters, and is ready to help the partners of our country.

In Azerbaijan, there is no insurance practice for fields and farmland, and the insurance of crops and animals has only partly extended due to the 2010 floods on the rivers Kur and Araz . Then the government allocated more than half a billion manat to overcome the consequences of floods, which flooded 50,000 hectares of land, with the result that according to official figures, 24,000 households were damaged. Most of the victims received partial compensation and the courts were on the side of officials.

Last year insurance premiums for plants amounted to AZN 471.64 thousand with payments of AZN 396.18 thousand (84%), indicating that the sector is unprofitable. -17D-