ARMENIA: in 2023, 11,000 hectares were insured under the agricultural insurance program

16 January 2024 — Marina MAGNAVAL
In 2023, as part of the pilot agroinsurance program, all 13 agricultural crops included in the program were insured, and the total area of insured land reached 11,000 hectares, ArmInfo writes with reference to the press service of the Ministry of Economy of Armenia.

In September 2023, the head of the department for designing agricultural programs at the Ministry of Economy, Ira Panosyan, reported that in 2023, compared to 2021, the number of agroinsurance contracts doubled, and the area of insured land increased by 80% over this period.

Such insurance companies as INGO Armenia, LIGA Insurance and Sil Insurance participate in the program. Total agroinsurance premiums collected by them over 9M2023 doubled y-o-y, almost reaching AMD 2 billion (~EUR 4.79 million). INGO Armenia continues to lead in terms of GWP in the segment (69%), followed by LIGA Insurance (16%) by a large margin. However, in the total market portfolio, the share of agroinsurance remains tiny, despite a slight increase from 2% to 3.4%.

*1 EUR = 417.40 Dram - AMD (September 30th, 2023)