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Home 36. April 2021 Theoretical aspects of index insurance in agriculture and prospects of application in Azerbaijan

Theoretical aspects of index insurance in agriculture and prospects of application in Azerbaijan

Ibrahim Jafarov Hasan, Corresponding member of ANAS, prof
rektor@adau.edu.az

Maharram Huseynov Jalal, prof, dr
h-tural@rambler.ru

Elchin Salahov Arif, Doctor of Philosophy in Economics
elchinsalaho@mail.ru

41081 ­ ­ AZ ­ ­ 36. April 2021 ­ ­­ ­ system risks traditional insurance index insurance homogeneous and local risks weather and productivity index

 

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Abstract

Recently, 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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Lotanna. Emediegwu

Department of Economics, The University of Manchester, UK | Department of Agricultural Economics, University of Ilorin, Nigeria | Department of Economics, Policy and International Business, Manchester Metropolitan University, UK

   

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Abrehet. Mehari

Lecturer in Ethiopia Civil Service University, Ethiopia, Addis Ababa; Ph.D. candidate in Azerbaijan State University of Economics

   

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Nurangiz. Mikayilova

Doctoral student of the Agricultural Research Center

  Ph.D., docent  

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Mehman. Rzayev

Azerbaijan RPA Hydrotechnics and Melioration

  doctor of agrarian sciences  

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Islam. Ibrahimov

Baku Business University

  prof, dr  

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Ramina. Mustafayeva

Azerbaijan State Agrarian University

  Ph.D., docent  

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Расим. Алиев

Chief economist, Scientific Research Institute of Agriculture

  Doctor of Philosophy in Economics  

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Farman. Guliyev

Scientific Research Institute of Fruit-growing and Tea-growing

   

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Firdovsi. Fikratzade

Doctoral student at the Institute for Scientific Research on Economic Reforms

  Doctor of Philosophy in Economics  

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Agshin. Huseynzade

Master of Azerbaijan State University of Economics (UNEC)

   

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Nizami. Gafarov

Doctor of Science Program of Agro Researches Center

  Ph.D., docent  

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Boyukxanum. Abdulkarim

Baku State University

   

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Teymur. Nagibeyli

Ph.D. student of the Agricultural Economics Research Center

   

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Eljan. Abbasov

Ph.D. student of Azerbaijan State Agrarian University

   

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Aligulu. Mehdiyev

Ph.D. student of Baku Engineering University

   

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Okiemua. Okoror

Department of Economics, University of Benin, Nigeria | Department of Economics, University of Reading, UK