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Subsidizing insurance premiums will increase from 50% to 80%
On September 5, 2022, according to changes in the order of the Ministry of Agriculture of the Republic of Kazakhstan, the standard for subsidizing part of the insurance premium in the agricultural sector will increase from 50% to 80%. This will reduce the cost of an insurance policy for agricultural producers, and will also make agricultural insurance even more affordable.

Let us remind you that since 2020, a new insurance system in the agro-industrial complex has been introduced in Kazakhstan. The main purpose of subsidizing insurance premiums is to increase the availability of debt and trade financing for agricultural entities.

The following insurance products are currently approved in the crop and livestock sectors:
  • soil moisture deficiency index insurance;
  • excess soil moisture index insurance;
  • insurance of soil moisture deficiency index for winter crops;
  • insurance of cattle, small cattle, horses and birds;
In crop production, cereals (wheat, oats, barley, corn), winter and oilseed crops are subject to insurance.

There is also a biomass index insurance product that provides monitoring of the “vegetation optical depth” index based on passive microwave remote sensing. Vegetation optical depth records the relative amount of water in plants and provides readings of vegetation growth and biomass.

The insurers are: Jýsan Garant IC JSC, VICTORIA IC JSC, Nomad Insurance IC JSC, Amanat IC JSC and London-Almaty IC JSC.

Risks within these insurance products are reinsured by international reinsurance companies with an “A” rating on the global insurance market: SWISS RE (Switzerland), HANNOVER RE (Germany), MUNICH RE (Germany), which provide guaranteed payments in the event of insured events.

The insurance operator in the agricultural sector is Agrarian Credit Corporation JSC. All procedures - from concluding an agreement to payments - are carried out online through the information system. An insured event is recorded based on earth remote sensing data, which makes it possible to completely eliminate the human factor in the system. Moisture levels are monitored on an ongoing basis and the occurrence of an insured event is recorded automatically.

https://www.gov.kz/memleket/entities/moa/press/news/details/419109?directionId=174&lang=ru

Photographer: Pixabay: https://www.pexels.com/ru-ru/photo/265242/