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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Nneka. Osadolor
Department of Economics, University of Benin, Nigeria Department of Economics, University of Ibadan, Nigeria
Bagish. Ahmadov
Deputy Director of the Agricultural Economics Research Center
Doctor of Philosophy in Economics
Naila. Aliyeva
Associate professor of the Azerbaijan State Economic University (UNEC) Doctoral student of the Agro Researches Center
Doctor of Philosophy in Economics
Firdovsi. Fikratzade
Doctoral student at the Institute for Scientific Research on Economic Reforms
Doctor of Philosophy in Economics
Arshad. Yashar
Head of land identification and geographical data sector of the Land use Control Department of the Ministry of Agriculture of the Republic of Azerbaijan