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

27604 ­ ­ 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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Ruhiyya. Mammadrzayeva

Research Institute of Plant Protection and Technical Plants

   

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Fuad. Ibrahimov

Economic issues expert of the Center for Socio-Economic and Ecological Research Public Union

  Doctor of Philosophy in Economics  

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Sarvan. Jafarov

Ph.D. student of the Agricultural Economics Research Center

   

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Gulnara. Salimova

Senior Researcher of the Research Institute for Economic Reforms

   

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Irada. Huseynova

Vice-president of Azerbaijan National Academy of Sciences Director of the Institute of Molecular Biology and Biotechnology, ANAS

  academician  

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Aytekin. Huseynli

Ph.D. student of the Baku State University

   

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Jalal. Safarov

Ph.D. student of the Agricultural Research Center

   

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Farman. Guliyev

Scientific Research Institute of Fruit-growing and Tea-growing

   

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Gurban. Mirzayev

Azerbaijan State Agrarian University

   

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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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Gulsum. Badirzade

Ph.D. student of the Azerbaijan Cooperation University

   

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Vagif.

Center for Local Economic Reforms

  Ph.D., docent  

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Savalan. Seyfaddinov

Senior researcher at the Scientific Research Institute of Agriculture Ministry of Agriculture of the Republic of Azerbaijan

  Ph.D. in Agrarian Sciences  

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Turan. Hajiyeva

Specialist of the Agricultural Research Center

   

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Gamar. Ibrahimova

Special Constructor Technology Bureau of the National Aerocosmic Agency

   

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Nizami. Gafarov

Doctor of Science Program of Agro Researches Center

  Ph.D., docent