In the first 8 months of 2023, seed and plantation insurance premiums amounted to EUR 1.5 million (including state support). At that EUR 15.5 million were paid out, which is a very rapid y-o-y increase (+71%). Of that amount, EUR 6.5 million was paid for the damages caused by the August storm. GWP in livestock insurance reached EUR 5.1 million, paid claims – EUR 3 million.
"There is a marked seasonality in agricultural insurance - farmers pay most of the premiums in early spring and late fall, and the fall premiums have not yet been paid. On the other hand, most of the paid claims during the year have already been calculated. However, even despite this time gap, we can say quite safely that this year the insurers are incurring significant losses from crop insurance. Farmers, on the other hand, have experienced that insurance is a real and useful financial risk management tool", says Janis Abasins, president of LAA.