Theoretical aspects of index insurance in agriculture and prospects of application in Azerbaijan
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Ibrahim Jafarov Hasan, Corresponding member of ANAS, prof |
| Azerbaijan State Agricultural University | |
| rektor@adau.edu.az |
 |
Maharram Huseynov Jalal, prof, dr |
| Azerbaijan State Agricultural University | |
| h-tural@rambler.ru |
 |
Elchin Salahov Arif, Doctor of Philosophy in Economics |
| Azerbaijan State Agricultural University | |
| elchinsalaho@mail.ru |
AbstractRecently, in order to effectively manage systemic risks in the agriculture of developed and developing countries, an index-based insurance model based on weather data, which is considered an innovative insurance product, is actively used. Index insurance is considered as an alternative to the traditional insurance model and plays an important role in overcoming many problems that traditional insurance cannot solve. The article examines the essence, mechanism of operation, advantages and disadvantages of indexed insurance. Prospects for the application of the new insurance product in Azerbaijan's agriculture were analyzed on the basis of the study of world experience in the relevant field. At the same time, the problems facing the application of the index insurance model were investigated.
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Namig. Shalbuzov
Deputy Director of the Agricultural Economics Research Center
Doctor of Philosophy in Economics
Nneka. Osadolor
Department of Economics, University of Benin, Nigeria Department of Economics, University of Ibadan, Nigeria
Huseynaga. Asadov
Ministry of Science and Education of the Republic of Azerbaijan, Institute of Dendrology
Ph.D., ass, pr
Kamala. Sadygova
Ministry of Science and Education of the Republic of Azerbaijan, Institute of Dendrology
researcher
Jubril. Animashaun
Department of Economics, The University of Manchester, UK / Department of Agricultural Economics, University of Ilorin, Nigeria
Rena. Musayeva
Department of “Economic Regulation” of Azerbaijan State University of Economics (UNEC)