A decision was made to expand the pilot agricultural insurance program in Armenia so that farmers can insure grain crops, in particular wheat, barley, oats, against the natural risk of drought, ArmInfo wrote referring to the official statement of the Armenian Ministry of Economy.

The sale of insurance policies for grain crops will be valid until May 31st. It is reported that in the event of a natural risk of drought, 60% of insurance payments are subsidized.

Three insurance companies participate in the pilot agricultural insurance program in Armenia: ROSGOSSTRAKH, INGO Armenia and Sil Insurance. The agricultural risk insurance program was launched in Armenia in September 2019, covering six regions of the country. Purchase of an insurance policy is subsidized by the state in the amount of 50-60%, depending on the natural risk. The reinsurer is Swiss Re.