ARMENIA: the number of insurance agreements in agroinsurance has tripled over the year

27 December 2021 — Marina MAGNAVAL
In 2021, the number of insurance agreements under the pilot agroinsurance program tripled compared to 2020, reaching 4,300 units (vs 1,345 insurance agreements in 2020), as reported by Ira PANOSYAN, head of the Department of Economics for development of agricultural programs, ArmInfo reports.

PANOSYAN noted that the launch of the agroinsurance program began with two crops and several regions, and today the program already covers the risks of 11 crops throughout the republic.

In 2020, the insurance coverage was 2,300 hectares, while in 2021 the covered area increased to 5,830 hectares. "This is an important indicator because the product is new and there is a question of farmers' trust. This means that the product has demand. We follow the whole process, from conclusion of agreements until payment of compensations, to further improve the program and develop products in accordance with the requirements of farmers", said PANOSYAN.

In turn, the coordinator of the National Agency of Agricultural Insurers Shoger POGOSYAN emphasized that this year it was possible to exceed GWP amount set in the business plan. According to her, 3 insurance companies participating in the agroinsurance program collected AMD 475 million of premiums and paid AMD 320 million of compensations.

*1 EUR = 556.81 AMD (26.12.2021)

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