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

31131 ­ ­ 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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. Shahla

Baku State University

   

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Gulnara. Jafarova

Agricultural Economics Research Center, leading specialist

  Doctor of Philosophy in Economics  

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Aygun. Salimova

Student of Azerbaijan State University of Economics (UNEC)

   

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Rashad. Huseynov

Agricultural Research Center, director

  Doctor of Philosophy in Economics  

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Ramil. Huseyn

Center for Economic Reforms and Communication

  Doctor of Economics  

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Vuqar. Namazov

Ph.D. candidate of the Azerbaijan State Economic University (UNEC)

   

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Rovshan. Guliyev

Azerbaijan State Economic University (UNEC)

  prof, dr  

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Arzu. Huseyn

Azerbaijan Tourism and Management University

  Ph.D., docent  

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Rena. Musayeva

Department of “Economic Regulation” of Azerbaijan State University of Economics (UNEC)

   

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Faiq. Gasimli

PhD student of the Agricultural Economics Research Center

   

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Yunus. Sadigov

Azerbaijan National Academy of Sciences, Institute of Economics, Lead Researcher

  Ph.D., docent  

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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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Agshin. Huseynzade

Master of Azerbaijan State University of Economics (UNEC)

   

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Murad. Hajiyev

Ph.D. student of the Agricultural Research Center

   

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Rashad. Ahmadov

Education Center of Tax Ministry of Azerbaijan Republic

   

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Manzar. Nasibova

Senior researcher