Almost 16,000 agricultural insurance agreements were signed in 2017, which is 48.6 percent more than a year ago, a member of the national commission for financial service markets regulation Oleksandr Zaletov said at a joint meeting of the Agricultural Policy and Food Ministry of Ukraine and the commission devoted to the development of the agricultural insurance market, the ministry has reported on its website.
The regulator said that insurers received premiums of Hr 271.2 million from agricultural producers, which is 21.4 percent more than in 2016. The share of agricultural insurance of the total insurance market is only 0.6 percent.
The total amount of liability of insurers under agricultural insurance agreements as of late 2017 was Hr 7.7 billion, which is 9.1 percent more than as of late 2016.
In 2017, insurers settled 269 insurance cases and paid Hr 95.4 million, which is 5.6 times more than in 2016. Some 94.3 percent of payments or Hr 90 million was settled via international reinsurers.
“An increasing number of countries are considering agricultural and livestock insurance as an important risk management tool, and subsidies that have a non-market impact on production are being canceled. It is expected that more attention will be paid to the conditions of agricultural insurance in the WTO rules,” Zaletov said.
