The insurance company INGO paid record compensation to farmers – over UAH 231 million (~EUR 5.17 million), Forinsurer wrote. 97% of farmers who participate in the “Meteoprotection” program in the 2024 season received record insurance compensation due to the extremely dry and hot season during the flowering and grain filling time.

It is noted that the amount paid is 10 times higher than last year, and is the largest compensation paid for the entire period of the program since 2016.

The index insurance program from Syngenta in partnership with INGO allowed 349 farms to partially reduce losses from adverse weather conditions, demonstrating importance of innovative financial solutions for increasing resilience of agriculture to climate change.

The Meteoprotection program covers the entire territory of Ukraine, including Ukrainian-controlled areas close to the combat line, where farmers face the most urgent need for flexible, efficient and reliable financial and insurance solutions. Farmers receive insurance compensation faster than with a traditional loss adjustment.

The objective, efficient and personalized approach of the program has made Syngenta the leader in the index insurance market in Ukraine. This innovative program is an example of how modern agroinsurance can effectively protect farmers, stabilize food production and increase economic sustainability of the agricultural sector, the source writes.