Kazakhstan to allocate big funds to subsidize agricultural insurance
Date
2/15/2021 5:42:52 AM
(MENAFN- Trend News Agency) BAKU, Azerbaijan, Feb. 15
Trend:
The Kazakh plant growers can insure their farms on the soil moisture index if a half of the cost of insurance is paid by the state, Trend reports referring to Kazinform news agency.
Online insurance has been available in 2020 and showed an excellent result. The insurance payments to farmers reached about 535 million tenge ($1.3 million).
At the same time, the occurrence of the insured event was determined not by the information system, based on satellite data rather than by the members of the commission. This ensured the objectivity and transparency of the mechanism of insurance payments.
It is planned to allocate 3.3 billion tenge to subsidize the agricultural insurance costs in 2021 ($790 million).
The operator in the field of agricultural insurance is the Fund of Financial Support for Agriculture, a subsidiary of KazAgro National Management Holding JSC. The state reimburses a part of the cost for paying the insurance premium when concluding insurance contracts for agricultural producers through the Fund.
The entire insurance process is carried out on the , in which the Agroinsurance service system is available. The Kazakh insurance companies re-insure their risks among the biggest players in the world market.
Cereals (wheat, barley, corn, oats) and (sunflower, rapeseed, flax) are subject to insurance. Plant breeders of Akmola, Aktobe, East Kazakhstan, West Kazakhstan, Karaganda, Kostanay, Pavlodar and North Kazakhstan regions can insure their crops.
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