Agricultural insurance system is built on cooperation of 8 insurance companies working through the fund – partnership system “Die Osterreichische Hagelversicherung”. It was founded in 1946 (nonprofit). Business organization is built on mutual insurance association system. The corporate objectives include comprehensive risk management for agriculture system and non-profit features.
Farming is too risky for insurers and reinsurers to cover alone. That was the message from the International Cooperative and Mutual Insurance Federation's 16th meeting of reinsurance officials in Athens, when delegates said government help is needed to provide adequate cover for European farmers. The high risk nature of agricultural production means insurance is too expensive for farm budgets, yet producers' exposures are too high without it. Consequently, leading reinsurance industry figures believe governments should subsidize coverage to help EU farmers compete with their wealthier US counterparts.
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