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Armenia - About $5 million to be invested in agriculture insurance in three years

About $5 million will have been invested in agricultural insurance in the next three years, agriculture minister Ignaty Arakelyan said today during a parliamentary discussion of the 2018 draft budget.

He said 885 million drams will be invested in a pilot agricultural insurance project to be launched next year, saying also that the ministry is confident that the results of the pilot program will allow it to understand exactly how to introduce this system across Armenia.

The minister noted the importance of this project, saying that every year farmers sustain large damages because of natural disasters.

Along with the insurance system, Arakelyan drew attention to the introduction of anti-hail systems. According to him, calculations show that the cost of installing anti-hail systems is lower than the cost of the lost crop.

“Thanks to anti-hail grids, we will have an opportunity to obtain better insurance terms. In some regions of the country hailstorms are a constant threat, and some farms lose from 40% to 100% of their crop due to this disaster,” Arakelyan said.

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