Insurance helps reduce risks for Kazakhstani farmers

Dear subscribers, as you know, Agrarian Credit Corporation JSC acts as an operator of insurance programs in the agro-industrial complex and administers the process of subsidizing insurance premiums.

Let us remind you that the state subsidizes 80% of the amount of insurance premium under insurance contracts in the agricultural sector.

To date, 16 insurance products have been approved in the crop and livestock industry.

Currently, the insurers are JSC IC Jusan Garant and JSC IC Freedom Finance Insurance. Risks within these financial products are reinsured by international companies.

All procedures, from concluding an agreement to payments, are carried out on the Agroinsurance information service, hosted on the Kezekte.kz platform. based on the electronic digital signature of agricultural insurance participants.

All participants in the insurance process have a personal account on the website and can track all changes online. When an insured event occurs, the information service sends a notification. The policyholder signs an electronic digital signature for payment, which is credited to the farmer’s account within 20 working days.

Insurance products in livestock farming are multi-risk. These include infectious and especially dangerous diseases, fire, malicious actions of third parties, dangerous natural or natural phenomena, as well as accidents - explosion, lightning strike, suffocation, animal attacks, snake or insect bites, traumatic injuries incompatible with life and other.

With these products, farmers can insure their livestock against risks on their farm (regular coverage), as well as on neighboring farms within a 5 km radius (extended coverage).

At least 10 heads of cattle and at least 30 heads of small cattle, horses, pigs and poultry are subject to insurance.

Depending on the insurance coverage and the number of livestock covered, the rate varies. Upon the occurrence of an insured event, the payment is up to 100% of the insured amount minus a deductible of up to 2% and the amount of payments for the mandatory seizure and destruction of animals.