Agrarian Industry

Agrarian Industry

Azerbaijan establishes working group with Switzerland to eliminate gaps in agricultural insurance sector

02 October 2014 14:36 (UTC +04:00)

Baku. Aynur Aliyeva - APA-Economics. Azerbaijan's Minister of Agriculture Heydar Asadov has today met with Head of Switzerland’s Company SWISS Re Martyn Parker.

The Ministry of Agriculture told APA-Economics that the meeting aims at exchanging views on reinsurance of insurance risks by SWISS Re Company in the agrarian sector.

Mr. Asadov underlined the importance of employment of insurance system in agriculture, the main economic priority area and mentioned that he attaches great importance to the cooperation in this field.

Giving detailed information about the company he heads, Parker said that the company is engaged in new innovations and services. He noted that seventy-five percent of disasters in the world (floods, drought, earthquakes, strong winds, etc.) are not insured and the damage caused by them to agriculture is paid by states. Mr. Parker added that this company has an extensive experience in the insurance industry and this system is employed in several countries. He also attaches great importance to the cooperation with Azerbaijan in this field.

Mr. Asadov mentioned that two natural disasters such as drought and infectious diseases mainly damage the agriculture. He considers appropriate the company's technical assistance to eliminate the gaps in the insurance industry, exercising the company’s experience to create a legal framework in this field and establishment of a working group for future joint activity.