LATVIA: Insurers have received claims from farmers for damaged crops, total loss amount is EUR 3 million so far

9 August 2022 —
By the end of July, Latvian insurance companies have received about 300 claims from farmers for crops damaged by heavy rains and wind. Janis ABASINS, president of the Latvian Insurers' Association (LAA), admitted that this number will definitely increase, lsm.lv wrote.

"This is the visible part of the iceberg; the question is how big the invisible part is. So, the process is definitely still going on", he said.

According to Janis ABASINS, the amount of losses reported by farmers so far is approximately EUR 3 million. The head of the LAA added that farmers are provided with state support for crop insurance, currently 70% is covered by the state.

"Five years ago, the area of insurable crops was about 200,000 hectares, but this year it will reach 400,000 hectares. In 2015, about 50 farms insured crops, and this year - about 1,000. So, the trend is clearly clear, that more and more farmers are subsidized by the state", Janis ABASINS explained.



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