BAKU, Azerbaijan, May 7. As part of the
Insurance Forum on the theme “Agricultural insurance umbrella
against risks,” a panel discussion was held on the topic “Common
Risks, Common Solutions: The Agricultural Insurance Model,”
Trend reports.


The panel discussion was attended by Nasar Hayat, Representative
of the UN Food and Agriculture Organization (FAO) in Azerbaijan;
Murodjon Achilov, Director of the Agricultural Insurance Fund under
the Ministry of Agriculture of Uzbekistan; Shahin Huseynli, Advisor
to the Chairman of the Board of the Agricultural Insurance Fund,
and Vusal Abbasov, CEO of AzRe Reinsurance CJSC.


In his remarks, Vusal Abbasov discussed reinsurance mechanisms
and losses incurred in the agricultural sector as a result of
events in various years:


“In the insurance sector, agricultural insurance is typically
supported by the state. Other public-private partnerships provide
subsidies to partners or help cover large insurance losses,
ensuring broader coverage and accessibility. The goal is to keep
insurance affordable even under high-risk conditions. In such
cases, risk-sharing mechanisms, government support, and insurance
are used in conjunction.”


In his speech, Shahin Huseynli highlighted the issues of
investment and food security:







“Simply put, agricultural insurance is not just about financial
support. It is also about building confidence in agriculture –
boosting farmers’ confidence in their investments, their investment
capacity, and their resilience. At the same time, it is a mechanism
aimed at strengthening food security. We believe that the goals set
can yield the best results not only at the national level, but also
through international and regional cooperation.”


Nasar Hayat, Representative of the UN Food and Agriculture
Organization (FAO), spoke in his address about new approaches to
agriculture:


“We need to approach agriculture from a different perspective
and view it as agribusiness. Agriculture is no longer just a means
of self-sufficiency. It is a business. As entrepreneurs in
agribusiness, we must think like owners of stores, companies,
restaurants, and business leaders in general.”


The panel continued with discussions and a question-and-answer
session.