RUSSIA: from January to May, agroinsurance with state support grew by 35% y-o-y

22 June 2021 — Marina MAGNAVAL
For the first five months of 2021, the agroinsurance with state support in Russia grew by 35% y-o-y to RUB 2.4 billion (~EUR 26.85 million*), according to the President of the NAAI (National Association of Agriculture Insurers) Korney BIJDOV.

The NAAI noted y-o-y growth in all LoBs of agroinsurance with state support: crop insurance increased by 23% to RUB 1.6 billion; livestock insurance - by 67% to RUB 804 million; insurance of culture based fishery increased to RUB 15 million.

The insured crop area as of June 1 remained at the level corresponding to the same period last year. The number of insured livestock increased by 77%.

"The Russian agroinsurance market has been growing for the third year already, with practically no slowdown. We expect further strengthening of this trend, especially after the amendments to the agroinsurance law come into force on July 1 this year", the NAAI President emphasized.

* at the following exchange rate:

1 EUR = 89.3778 RUB (01.06.2021)

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