Armenian pilot agricultural insurance program expanded to cover more crops

YEREVAN, April 26. /ARKA/. A pilot agricultural insurance program launched in Armenia in 2019 has been expanded to cover more crops, Armenia's Ministry of Economy said today, specifying that farmers growing millet, barley and oats can apply to sign insurance contracts against drought.

The ministry said in a press release that the new insurance product is available to farmers growing these crops in Aragatsotn, Kotayk, Gegharkunik, Lori, Shirak, Syunik and Tavush regions. The deadline for concluding contracts is May 31. The contracts will come into force on June 1.

It said in case of damage caused to these crops by drought, farmers may claim for 60% compensations. To conclude contracts farmers may apply to Ingo Armenia, Rosgosstrakh Armenia and Sil Insurance companies

The pilot agricultural insurance program first covered two crops - grapes and apricots. Later peaches, apples, wheat, potatoes, plums, watermelon / melon were added to them. Insurance contracts against frost, hail and fire are concluded in almost all regions of Armenia.

The ministry said earlier that about 4,300 agricultural insurance contracts were concluded in 2021, up from 1,546 a year earlier and s of October 1, 2021, about 305 million drams were paid in compensation claims to holders of 1,440 agricultural insurance policies.-0-