In addition to subsidized contracts, farmers also purchase additional policies, and the volume of this market annually exceeds RUB 1 billion. Thus, considering the non-subsidized segment, total agroinsurance market in Russia by the end of 2021 is expected to reach at least RUB 9 billion, as the NAAI President Korney BIJDOV believes.
The most active development is observed in subsidized livestock insurance, GWP in which increased by 42% over the year. The insured livestock increased by 36%. "Subsidized insurance protection is in very high demand among livestock farmers for the third year in a row", noted the NAAI President.
Crop risk insurance remains the largest segment of agroinsurance with state support and accounts for more than half of GWP - in 2021 it reached RUB 5.5 billion, thus this segment grew by 9% y-o-y.
* 1 EUR = 84.0695 RUB (01.01.2022)
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