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Current state and future prospects of crop insurance in Uzbekistan

Author

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  • Muradullayev, Nuriddin
  • Bobojonov, Ihtiyor
  • Mustafaqulov, Sherzod

Abstract

This study describes the importance and development of agricultural insurance sector in Uzbekistan. Agricultural insurance sector in Uzbekistan was established with the state initiative and government organizations still play an important role in service provision. However, agricultural insurance functions without state subsidies and about 30 percent of the crops are insured. This is comparatively better result while compared to other countries in the region. However, sectors still has several development constraints which are not discussed in the international literature. Therefore, the objective of this study is to describe the development path and challenges in agricultural insurance market in Uzbekistan. Discussions in the study show that access to favorable credit and very high risk averseness of agricultural producers created demand for agricultural insurance in the country which is functioning without the state subsidies. However, premium rates currently charged seem to be very high when compared neighboring countries who subsidize agricultural products. Furthermore, lack of coverage during the systemic drought years could be considered another challenge constraining further development of insurance market in Uzbek agriculture. Establishment of index insurance market could be considered as an alternative option to provide coverage during the systemic drought years since price of the index-based products lower than multiple crop insurance products.

Suggested Citation

  • Muradullayev, Nuriddin & Bobojonov, Ihtiyor & Mustafaqulov, Sherzod, 2014. "Current state and future prospects of crop insurance in Uzbekistan," ReCCA-Conference 2014 212559, Institute of Agricultural Development in Transition Economies (IAMO).
  • Handle: RePEc:ags:iamc14:212559
    DOI: 10.22004/ag.econ.212559
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    References listed on IDEAS

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    1. Utkur Djanibekov & Asia Khamzina, 2016. "Stochastic Economic Assessment of Afforestation on Marginal Land in Irrigated Farming System," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 63(1), pages 95-117, January.
    2. Nodir Djanibekov & Kristof van Assche & Ihtiyor Bobojonov & John Lamers, 2012. "Farm Restructuring and Land Consolidation in Uzbekistan: New Farms with Old Barriers," Europe-Asia Studies, Taylor & Francis Journals, vol. 64(6), pages 1101-1126.
    3. Bobojonov, Ihtiyor & Aw-Hassan, Aden, 2014. "Impacts of climate change on farm income security in Central Asia: An integrated modeling approach," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 188, pages 245-255.
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    Cited by:

    1. Moritz, Laura & Kuhn, Lena & Bobojonov, Ihtiyor, 2022. "Crop index insurance for more welfare and climate resilience? An experimental approach," 2022 Annual Meeting, July 31-August 2, Anaheim, California 322096, Agricultural and Applied Economics Association.

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    Keywords

    Agricultural and Food Policy; Agricultural Finance; Financial Economics;
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