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

35410 ­ ­ AZ ­ ­ 36. April 2021 ­ ­­ ­ system risks traditional insurance index insurance homogeneous and local risks weather and productivity index

 

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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AUTHORS

 

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Namig. Shalbuzov

Deputy Director of the Agricultural Economics Research Center

  Doctor of Philosophy in Economics  

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Akram. Hasanzada

Ph.D. student of the Agricultural Research Center

   

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Nargiz. Hasanova

Azerbaijan State Agrarian University

   

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Andriy. Popovych

Instytut Ekonomiki Rolnictwa i Gospodarki Żywnościowej, Warszawa, Polska / Agricultural and Food Economics State Research Institute, Warsaw, Poland

  Ph.D.  

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Aytekin. Huseynli

Ph.D. student of the Baku State University

   

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Izzat. Talibov

Chief consultant in Ministry of Agriculture of Azerbaijan Republic

   

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Elnara. Kazimova

Azerbaijan State Agrarian University

  senior lecturer  

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Ali. Zingirov

Azerbaijan State Agrarian University

  Исполняющий обязанности доцента, доктор философии по технике  

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Arastun. Jalilov

  Doctor of Philosophy in Economics  

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Mushfiq. Tukanov

Ph.D. student of the Agricultural Research Center

   

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Azer. Gurbanzadeh

Azerbaijan Cooperation University

  Ph.D., docent  

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Nizami. Gafarov

Doctor of Science Program of Agro Researches Center

  Ph.D., docent  

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Gulnara. Jafarova

Agricultural Economics Research Center, leading specialist

  Doctor of Philosophy in Economics  

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Eljan. Abbasov

Ph.D. student of Azerbaijan State Agrarian University

   

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Isak. Hasanov

Head of Shamkir Support Point

   

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Elbrus. Akbarov

Azerbaijan State University of Economics (UNEC), senior lecturer