Agrarian Insurance Fund provides insurance coverage of $270M

In the first half of this year, the Agrarian Insurance Fund concluded contracts for the insurance of 326,000 hectares of farmland and 4,506 agricultural animals.

Referring to the Fund, Report informs that under these contracts insurance coverage of 437 million manats ($257 million) and 20.6 million manats ($12.1 million), (a total of 457.6 million manats, or $269.2 million), was provided.

The most insured crops are wheat, barley, cotton, corn, hazelnuts, sugar beet, rice and grape fields, as well as orchards. During the reporting period, 11 million manats ($6.5 million) were collected in insurance premiums for the insurance of crop fields.

According to the legislation, 50% of insurance premiums are paid by the state for the purpose of state support to farmers. According to this, farmers paid half (5.5 million manats or $3.2 million) of the insurance premiums for agricultural fields, and the rest was paid by the state to support farmers.

As for the insured animals, 4,010 of them are large-horned (cows and buffaloes), and 496 are short-horned (sheep). 2.154 million manats ($1.3 million) were collected in insurance premiums for livestock insurance. Half of this amount, i.e. 1.077 million manats ($633,000), was paid by the farmers, and the rest was paid by the state to support the farmers.