Agroinsurance

NEWS

Georgia - Budget of agroinsurance program for 2015 in doubled

27.02.2015 210 views

Budget of agroinsurance program for 2015 will make up 10 million lari, the Agriculture Ministry reported. To compare, pilot agroinsurance program, being implemented in 2014 (was launched on September 1), had involved 5 insurance companies (GPI Holding, Aldagi, IC Group, Irao and Cartu), while its budget made up 5 million lari. This year, 6 companies expressed desire to take part (GPI Holding, Aldagi, IC Group, Irao, Ardi Group and Unison).

The program will be implemented by the Agriculture Project Management Agency again. To note, eligible beneficiary of the program (private individual or legal entity) should have agricultural land plot of no more than 5 ha (in case of a wheat crop – no more than 15 ha) in property, in use or in factual ownership. These restrictions do not apply for registered cooperatives.

The state subsidizing will be 60% in this year. The franchise will be calculated according to real productivity (in 2014, it was calculated according to insurance limit).

In addition, common method of damage assessment according to each crop is envisaged (did not exist before). The companies will be allowed to issue policies only according to agricultural terms, while Agriculture Project Management Agency will provide subsidizing after policies’ verification. This year, agroinsurance program will last until December 11.

Source - http://www.sarke.com/

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