RUSSIA: agroinsurance with state support increased 2.3 times in 2019

28 January 2020 — Marina MAGNAVAL
As the preliminary data of the National Association of Agriculture Insurers (NAAI) show, the agroinsurance market at the end of 2019 amounted to RUB 5.3 billion (~EUR 76.4 million), as ASN reports.

According to NAAI, in 2019 crop insurance with state support jumped by 315% y-o-y, while agroinsurance of livestock with state support increased by 49%.

"In 2019, our agroinsurance with state support showed an increase of GWP by 2.3 times y-o-y... This was facilitated, first of all, by the amendments to the relevant legislation, measures of the Russian Ministry of Agriculture and the insurance market participants", the president of NAAI, Korney BIJDOV commented.

At the same time, BIJDOV noted that the level of development of agroinsurance in the country is insufficient to fully protect agriculture sector against disasters. Based on official data, agricultural losses from natural disasters reached RUB 12.7 billion in 2019. NAAI however believes that this figure is actually much higher.

*EUR 1 = RUB 69.3777 (01.01.2020)

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