Arman Khojoyan noted that this is mainly due to some restraint shown by insurance companies due to the risks they faced years earlier, with the launch of the agroinsurance program, despite the fact that, as the deputy minister noted, the government announced a proposal to act as a reinsurer, compensating 70-80% of insurance premiums, and if the damage exceeds 200%, then the authorities are ready to reimburse this part to insurance companies.
The deputy minister added that the reinsurance company, which was Swiss Re, refused to continue its mission after the total collected insurance premiums in 2023 amounted to AMD 1.8 billion (~EUR 4.02 million), and payments to farmers reached AMD 2.7 billion (~EUR 6.03 million).
1 EUR = 447.90 AMD (December 31st, 2023)
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