According to the Minister, last year the problems with the program implementation were caused by the fact that when Swiss Re Group was the reinsurer, there was no proper control, for which not only the insurance sector is responsible. Gevorg Papoyan explained that farmers were compensated more than the actual amount of damage.
“Last year, we had Swiss Re and the German Development Bank KfW as partners. Now government will become this partner, which, according to the draft law being considered by the government, will reimburse 70-80% of insurance premium to our citizens. And if damage exceeds 200%, we will also compensate this part to insurance companies”, said the Minister of Economy. Gevorg Papoyan specified that in 2026, another reinsurance company will be selected as a partner of the program.
The Minister also stated that in 2025, the agroinsurance program will allow to insure all agricultural crops against all types of risks. “That is, our citizens will have access to the full package”, added Papoyan.
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