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.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

Armenia: insurance market grew by 47.6% after Q1

During the first 3 months Armenian market generated AMD 14.1 billion of premiums, which is 47.6% more than e year before, paid claims amounted to AMD 5.7 billion (+36.9%), according to ArmInfo agency.

2018-05-17

ON THE MOVE

Stefan STAVROSITU appointed Sales Director of GROUPAMA's Romanian unit

Groupama Asiguraari, the Romanian arm of the French group and of the leading players on he ocal market, has announced the appointment of Stefan STAVROSITU as National Sales Director, replacing Julien RAMILLION who, after holding this position for four years, will receive other responsibilities.

08.08.2018

TOP EVENT

LIVE: IIS Global Insurance Forum 2018 / Day2

The works of the Global Insurance Forum continued today in Berlin, Germany. Providing security for ageing populations in health care and pensions terms, as well as innovation and InsurTech or innovative strategies for the future development of the industry are on the today's agenda.

10.07.2018

See all