Coverage by TARSIM, Turkey’s agricultural insurance pool, has increased to 20% today from 0.5% previous to the establishment of the pool in 2005, on the back of strong state support.
TARSIM General Manager Yusuf Cemil Satoglu said that the total asset value insured by the pool stands at TRY26 billion (US$6.7 billion) while the total area insured is 2 million decares. TARSIM provides cover for 1.5 million policies a present.
Founded as a non-profit organisation with the purpose of setting up a comprehensive, sustainable agricultural insurance system, TARSIM quickly grew, with the government behind the goal of growing the pool in a stable and healthy way, he said.
Mr Satoglu said that TARSIM’s total premiums are forecast to reach TRY1.6 billion while the amount of compensation to be paid to farmers would amount to TRY850 million this year.
Source – http://www.meinsurancereview.com