Russia: Over 3 years, insurance companies paid almost 7 billion rubles to farmers in 50 regions for crop loss alone
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Published Dec 6, 2023
The agricultural insurance system in Russia has compensated farmers for the loss of agricultural crops totaling almost 7.0 billion rubles in less than three years. The highest volume of insurance compensation was received by farmers in the Stavropol Territory, Samara Region, and regions in the Central Black Earth Region. Winter wheat, sunflower for grain, and corn for grain were the most compensated crops, with payments totaling billions of rubles.
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“Agricultural insurers compensated losses to farmers from the loss of crops of 33 types of crops; in total, payments were made by 14 insurance companies,” noted NIA President Korney Bizhdov. – In the structure of payments, the largest part falls on winter wheat - its loss is compensated in the amount of 2.25 billion rubles. The second most unprofitable crop is sunflower for grain; its loss was compensated to farmers in the amount of 1.8 billion rubles; in third position is corn for grain, 996 million rubles were paid. Losses of spring wheat were compensated by agricultural insurers in the amount of 309 million rubles, spring barley - 290 million rubles, peas - 217 million rubles, fodder beets - 175 million rubles, flax - 157 million rubles, soybeans - 149 million rubles, sugar beets - 124 million rubles. This payment structure is determined primarily by the preferences of farmers for insuring certain crops and the peculiarities of the implementation of agroclimatic risks - these ...