According to the representative of the Ministry of Economy, the program is improving from year to year, and farmers’ confidence in the program is growing. For example, in 2020, 1,541 contracts were signed with farmers and 2,500 hectares of land were insured, in 2021 - 4,278 contracts and 5,832 hectares of land, in 2022 - 5,091 contracts and 6,444 hectares of land, in 2023 - already 10,192 contracts and 11,000 hectares of land.
The program covered all regions of the country. Today, the program provides insurance for 13 agricultural crops against 4 natural risks. It is noteworthy that about 50% of program participants insure one crop against several risks at once.
The results of the year, as Panosyan emphasized, have not yet been summed up, however, according to operational data, farmers have already been paid for losses in the amount of AMD 1.8 billion (~EUR 4.40 million).
The agricultural risk insurance program started in Armenia in September 2019, covering six regions of the country. Insurers began selling policies at the beginning of 2020. The purchase of an insurance policy is subsidized by the state in the amount of 50–60%, depending on the natural risk. The reinsurer is Swiss Re. Within the program the National Agricultural Insurers Agency (AINA) was created.
*EUR 1 = AMD 408,66 (23.09.2023)
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