ArmInfo. In February 2021, 1,800 agreements between farmers and insurance companies were concluded in Armenia within the framework of the agricultural insurance program, while for the whole of 2020 their number was 1,500, Head of the Department for Development of Agricultural Programs of the RA Ministry of Economy Ira Panosyan said.
In particular, she said that today, to purchase insurance policies, farmers can apply to 3 insurance companies operating in Armenia: Rosgosstrakh, Ingo Armenia and Sil Insurance. According to Panosyan, for apple insurance, the deadline for concluding an agreement on insurance of agricultural risks expires on April 20, for spring and autumn crops sowing - May 1, potatoes - May 15, plums - March 25, melons and watermelons - April 25.
In total, according to the head of the department for the development of agricultural programs, this year farmers will be able to insure 11agricultural crops.
To recall, the agricultural risk insurance program started in Armenia in fact from September 2019 and is still working in a pilot mode, covering six regions of Armenia. The sale of IC policies began in early 2020. The purchase of an insurance policy is subsidized by the state in the amount of 50-60% depending on the natural risk, and with full insurance there is a 10% discount. The reinsurer is a large Swiss company Swiss Re. The Agricultural Insurers National Agency (AINA) was created, which is responsible for: development of standard agricultural insurance products, conditions and regulation of the state subsidies process; market research and actuarial calculations; training and professional development of damage assessors; control over partner insurance companies. It should be noted that the financial regulator represented by the Central Bank of Armenia intends to gradually expand the agricultural insurance program both in terms of covering a wider range of agricultural crops and risks falling under insurance. In the meantime, the companies worked in the segments of insurance of apricot, apple and pear orchards, vineyards, spring and autumn crops of grain crops, and hail, frost and fires were defined as insurance risks.
