Thursday, October 3 2019 12:54
Naira Badalian

From October 1, 2019, insurance companies began offering insurance  policies in six regions of Armenia

From October 1, 2019, insurance companies began offering insurance  policies in six regions of Armenia

ArmInfo. From October 1, 2019, insurance companies began offering agricultural insurance policies in six regions of Armenia, Armavir, Ararat, Aragatsotn, Tavush, Kotayk and Vayots  Dzor. This was stated by Minister of Economy of Armenia Tigran  Khachatryan on October 3 at a government meeting. "The program will give visible results in the near future," the  minister said.

Armenian Prime Minister Nikol Pashinyan, in turn, expressed hope that  thanks to the program it will be possible to manage risks in the  agricultural sector.

Note that at the first stage, insurance will affect apricot orchards  and vineyards, and hail, fires and spring frosts are defined as  insurance risks. Farms of the above-mentioned areas will be insured  against hail and fires, and farmers, including the Ararat region,  will be able to insure themselves against spring frosts. The  insurance coverage, as well as the agricultural crops falling under  it, according to the information, will be expanded annually, "until  it covers all regions of Armenia." In addition, farmers will be able  to choose one of 5 insurance policies. The size of the insurance  premium will be determined on the basis of a risk assessment on a  particular land plot.

So far, with any insurance package, 50% of the amount of the  insurance premium will be paid by the Armenian government, and with  full insurance, that is, simultaneous insurance against all risks -  hail, fire and frost, a 10% discount is expected.

Earlier, ArmInfo reported that the state within the framework of the  agricultural insurance project will subsidize 50% of the cost of the  insurance policy (against the previously called 60-65% - Ed.).  Created by the National Agency of Agricultural Insurers  (www.aina.am). So far, three companies act as partners of the agency  - Ingo-Armenia, Rosgosstrakh Armenia and Sil-Insurance. They specify  the internal mechanisms for the further servicing of policies for  this class of risks. As part of the pilot project, agricultural risks  will be reinsured by a major Swiss company Swiss Re.

According to ArmInfo, the German bank KfW allocated a grant in the  amount of 5.3 million euros for the implementation of the pilot  program for the implementation of the agricultural insurance system  in Armenia. The main grant amount of 4.8 million euros was supposed  to be directed exclusively to subsidizing the purchase of insurance  policies by farmers. The remaining amount of 515 thousand euros went  to cover the costs associated with consulting. At the same time, the  Government of the Republic of Armenia represented by the Ministry of  Agriculture will come out with co-financing of the program in the  amount of 5 million euros. The Climate Investment Funds will also  provide 2 million euros, of which 200 thousand euros will be used to  subsidize the purchase of insurance policies, and 1.8 million euros -  for consulting services. Consulting will be handled by a consortium  of three companies. For the creation of the Bureau for National Risk  Management in the field of agricultural insurance, retraining of  personnel and the formation of the institution of an appraiser, the  development of by-laws and the services of a consulting company were  allocated 1.9 million euros.

According to ArmInfo information received from market participants,  it will be possible to insure agricultural markets as early as next  2020. 

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