Armenia is planning a mandatory agricultural insurance scheme

Armenia might have a mandatory agricultural insurance system in place, in about 3 to 5 years, an official of the specialized minister stated to the press, reports Arka News Agency.

A pilot agricultural insurance program will start in Armenia next year, and the anticipated positive results could be spread throughout the country, he said.

In the first stage, there will be four risk under the scope of the mandatory insurance - hail, frost, drought and strong winds -, and about 30 types of crops. Other risks, as well as other agricultural products may be added later, should the system prove successful.

According to the official's statement, the medium-term expenditure program provides for EUR 5 million for the creation of an insurance bureau that will deal with the calculation of insurance premiums and the amount of claims compensation. The decisions taken by the Bureau will be mandatory, since they will take into account all possible risks.

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