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Interest in agricultural insurance is growing

In order to reduce the costs of agricultural producers and ensure the stable development of agriculture, the state develops and maintains an insurance system in the agricultural sector. Thanks to this risk reduction tool, farmers have a guarantee of compensation for losses in the event of a partial or complete loss of their products. Over the past three years, the interest of farmers in insurance in the country has grown significantly: if 93 contracts were concluded in 2020, then 184 insurance contracts in crop and livestock production were signed in 5 months of this year.

The insurance system in force since 2004 was compulsory and included only crop production. Starting from 2020, a voluntary system has been operating in Kazakhstan, which provides opportunities for insurance in any direction of the agricultural sector. Today's insurance products include crop insurance against lack and excess of moisture, as well as insurance for cattle, horses, sheep, birds.

The state provides support in the form of subsidizing insurance premiums, which reduces the costs of farmers. So, 50% of the price of the insurance contract is paid by the farmer, 50% is subsidized by the state. 3.5 billion tenge was allocated for these purposes in 2020-2021.

International reinsurance companies with an “A” rating in the world market are involved in the agricultural insurance system in Kazakhstan. They reinsure the risks that domestic companies take on. This will ensure guaranteed payments in the event of insured events.

Since December 2021, the agricultural insurance operator has been a subsidiary of the Baiterek holding - Agrarian Credit Corporation.

Every year, interest in agricultural insurance is growing. If in 2020-2021 254 contracts were concluded, more than 265.7 thousand hectares, 2.6 million heads of animals and birds (including cattle and small cattle, horses and birds) were insured, then for 5 months of this year 184 contracts, 308 thousand hectares and more than 60 thousand heads of farm animals and birds are insured.

In the first two years of operation of the voluntary insurance system, agricultural producers allocated 350 million tenge to conclude insurance contracts, another 350 million tenge was paid by the state in the form of subsidies. Thus, the state assumed 50% of the costs when concluding the insurance contract. As a result, the amount of payments to farmers upon the occurrence of an insured event amounted to 1 billion 333 million tenge.

For 5 months of this year, the volume of paid subsidies exceeded 500 million tenge. It should be noted that you do not need to go anywhere to conclude an insurance contract: with the help of an electronic digital signature on the www.qoldau.kz platform, the conclusion of an insurance contract is available online.

Photo: milkua.info