NORTH MACEDONIA: ISA: farmers and agricultural companies invested MKD 118.6 million (EUR 1.93 million) in insurance during the first three months

30 June 2022 — Marina MAGNAVAL
In the first quarter 600 individual farmers and 50 agricultural companies insured their crops, fruits, and livestock. Soon agroinsurance will become mandatory by law and therefore its share in the insurance market will increase significantly, the ISA (Insurance Supervision Agency) said.

The purpose of this reform is to reduce the price of insurance by increasing volumes, and at the same time to create large funds from which damages will be paid that can be caused by weather disasters and especially current climate change.

Over 650 individual farmers and agrarian companies invested MKD 118.6 million (EUR 1.93 million) in crop, fruit, and livestock insurance for the first three months of this year, according to official data from the ISA.

For insurance of crops and fruits in the period, 444 insurance contracts were concluded, under which farmers invested MKD 81 million (over EUR 1.3 million). At the same time, farmers invested over MKD 23 million in livestock insurance and concluded 156 contracts with insurance companies. During this period, agricultural companies invested MKD 14.4 million (EUR 234,000) in insurance of their agricultural production, livestock, and poultry.

Insurance companies in the first three months paid MKD 24.1 million (EUR 391,000) for damages covered by agroinsurance.

Last year, total amount of premiums in agroinsurance reached MKD 547 million (EUR 8.9 million). A total of 3,858 contracts for insurance of crops, fruits and livestock were concluded. In 2021, insurance companies paid a total of MKD 355.6 million (EUR 5.8 million) for insured livestock, crops, and fruits.

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