To prevent the increased damages to agricultural production due to various climatic events and natural disasters, the Agricultural and Rural Development Agency (ARDA) is urging farmers to enroll in the state-subsidizedagricultural insurance program. As of April 2020, the number of policies issued under the program coverage was equal to 7,990, which is 40%higher than for the same period a year ago.
The international conference “Agricultural Insurance, Reinsurance and Brokerage in the CIS, Europe and Asia”, which will take place on April 16-18, 2018 in Belgrade, Serbia, will discuss the technical aspects and characteristic features of drought and livestock disease insurance programs. Representatives of Munich Re and TARSIM will share their own first-hand experience in drought crop insurance.
All types of economic activity involve risk. These risks may take many forms. They may include risks relating to physical production, input and output prices, currency movements, institutional change, legal liability and personal circumstances. Agriculture is generally regarded as one of the more risky activities because of the price inelastic nature of demand and short run supply and its exposure to natural shocks. In this report we focus upon the risks for agricultural producers relating directly to prices and revenues.
This discussion paper is our response to numerous questions and the desire of our counterparts from the CIS countries to receive more up-to-date information about insurance in agriculture. Accordingly, we have tried to shed light on the main aspects of insurance as one tool of risk management in agriculture. Thus, our purpose is to give the reader information on principles and potential of insurance, its main problems and possible solutions. Additionally, this paper provides a comparative overview of the presently most widespread insurance schemes.
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