Insurance companies owe hundreds of crores of rupees to farmers in crop-insurance claims, stoking farm distress and prompting the government to impose steep fines on insurers for the first time, official data reviewed by HT show. Under a new rule introduced in October 2018 (which took effect in January 2019), insurance companies will have to pay fines for delaying payment of crop-insurance claims.
Agriculture, as an economic activity directly depends on the natural environment that is vulnerable to various phenomens of a biological nature (pests and diseases), climatic-environmental (climate change, droughts, floods ...), and economic (price volatility ... ). All of these make it necessary to apply for a strategic approach to the management of the inherent risks of this activity.
On July 17, 2018, the Minister of Agriculture of Armenia, Arthur Khachatryan, held a meeting with the head of EU delegation to Armenia, Petr Svitalski. During the meeting the Minister said that in the coming years government assistance for small farmers to be increased. The mechanisms for subsidizing agricultural production have been already developed.
The 4th International Conference “Agricultural Insurance, Reinsurance and Brokerage in the CIS, Europe and Asia” took place on April 16-18, 2018 in Belgrade, Serbia. The conference was attended by more than 90 delegates from 30 countries representing more than 60 companies. Attendees came from leading global reinsurance and insurance firms, insurance brokers and consulting agencies, market regulators, and large financial institutions.
More than 70 delegates from 25 countries have confirmed their participation. Various aspects of agricultural insurance will be presented by nineteen guest speakers. An updated program, information about confirmed presenters and the latest list of participants are available on the event’s website. In addition to specialist presentations that will be discussed in individual sessions, delegates will have an opportunity to participate in a panel discussion on: “Modern Technology in Agricultural Insurance”.
Leading reinsurance companies Swiss Re, Munich Re, Partner Re and Catlin XL act as key event’s sponsors of the international conference “Agroinsurance and Reinsurance of Agricultural Risks in the CIS, Europe and Asia”, which will take place on April 16-18, 2018 in Belgrade, Serbia. Event partners include AFC (Agriculture and Finance Consultants International, Germany), Generali Osiguranje (Serbia) and the international weather service UBIMET (Austria). XPRIMM Publications is the event’s Official Media Partner.
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