ARMENIA: agroinsurance mechanism to be launched soon

3 October 2019 — Marina MAGNAVAL
As Armenian Prime minister Nikol PASHINYAN announced, agricultural insurance is about to start in the country, and its mechanism will be operated in a test mode at the first stage to determine all possible weak points, ArmInfo reports.

According to the Prime minister, at the first stage insurance will cover apricots and vineyards. Risks will include hail, fires and spring frosts. Insurance will expand annually until it covers all country regions.

Conclusion of the first insurance contracts is scheduled for January 2020. Farmers will be offered 5 types of insurance policies, for any of them 50% of the premium will be paid by the state.

The National Agency of Agricultural insurers was created. As of now, its partners are 3 insurance companies - INGO Armenia, ROSGOSSTRAKH Armenia and SIL Insurance. The reinsurer within the pilot project is SWISS Re.

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