According to the latest data from the Ministry of Economy, the number of beneficiaries of the state agroinsurance program in Armenia reached 4,300, while in 2020 for the entire year only 1,500 contracts were concluded between farmers and insurance companies, as reported by Ira PANOSYAN, Head of the department for the development of agricultural programs of the Armenian Ministry of Economy, ArmInfo writes.

"This is quite good news, considering that agroinsurance is a new product in the agricultural sector in Armenia," she said. According to her, the most popular crops are grain, apricot, and grapes. "Initially, the program provided only 2 crops and 2 types of risks, but every year we revise the program, and we will further expand it both in terms of risks covered by insurance and the list of crops", PANOSYAN explained. In total, according to PANOSYAN, at this stage, farmers can insure 11 agricultural crops against three types of risks: hail, spring frosts and fires.

The agricultural risk insurance program started in Armenia in fact from September 2019 and is working in a pilot mode, covering six regions of Armenia. Insurance companies started selling policies 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. The reinsurer is Swiss Re. The National Agency for Agricultural Insurers (AINA) was also established in the country.