The agricultural risk insurance program was launched in September 2019 in a pilot mode. However, companies started to sell policies only this year. The partners of the program are three of the six insurance companies operating inside of Armenia - INGO Armenia, ROSGOSSTRAKH Armenia and SIL Insurance. The reinsurer of the program is Swiss Re. The purchase of policies is 50-60% subsidized by the state.
At the end of June 2020, for 6 months ended, ROSGOSSTRAKH Armenia ranked first in terms of agricultural GWP (AMD 73.6 million). The company has also paid over 72% of the total claims amount for this segment. INGO Armenia was the leader in terms of the number of agroinsurance contracts (691 contracts effective by the end of June). Total number of agroinsurance contracts of the three insurers, effective by the end of the first half of 2020, reached 1,547 units.
The Central Bank of Armenia intends to gradually expand the agroinsurance program both from the point of covering a wider range of crops and the number of risks falling under insurance, ArmInfo noted.
1 EUR = 540.76 AMD (as of 1 July 2020)