The state crop insurance program in Ukraine is planned to be gradually scaled up and expanded to cover a wider range of crops. This was announced by the Minister of Economy, Environment and Agriculture Taras Vysotskyi, as reported by Latifundist.Currently, the program covers only three crops – winter wheat, barley, and rye. They can be insured for the wintering period, as well as for the spring-summer season or the full growing cycle.

“The first goal is wheat as a food crop. At the same time, barley and rye have similar vegetation, so they can also be covered. The ultimate goal is to expand the program to cover all crops. Droughts have become more frequent, so it is not excluded that programs will eventually appear for spring crops as well. A standardized insurance product for sugar beets has already been approved. Later, orchards will also need to be added. In other words, the program will gradually expand,” says Taras Vysotskyi.

It is worth noting that this year, for the first time, the state budget provides for UAH 60 million for partial compensation of insurance premiums. According to Vysotskyi, these funds will cover approximately 60,000 hectares.

To benefit from the program, farmers need to enter into a contract with an insurance company that has the necessary approval from the National Bank. Currently, there are five such companies.

Insurance coverage includes major weather and biological risks, including:

– excessive moisture, floods, heavy rains, and soil waterlogging;
– strong winds, hail, dust storms, and droughts;
– frosts;
– drought, heatwaves, and related phenomena, as well as lightning-induced fires;
– mass outbreaks of pests and plant diseases.

Up to 60% of the insurance premium is provided for farms in the front-line territories and up to 45% for others.

Source - https://agronews.ua