ArmInfo. As of March 20, 2020, in Armenia, as part of the pilot program for agricultural risk insurance, 523 insurance contracts were concluded in Armenia. The press service of the Ministry of Economy of the Republic of Armenia reported this on March 24.
According to the source, March 25 is the deadline for signing agreements on insurance of risks associated with apricot and vineyard gardens, April 20 is the deadline for insurance of risks associated with hail risk for apple orchards, and May 1- insurance of risks associated with fires and hail for cereals. The term for signing frost insurance contracts expired on February 21.
The Ministry of Economy of Armenia calls on the beneficiaries to purchase insurance policies before the deadlines, as farmers of the regions who will not be insured will themselves compensate for the financial damage caused by natural disasters. In the case of the risk of hail and fire, the state subsidy is 50%, in the case of the risk of spring frosts - 60%. Business entities wishing to participate in the program can contact the National Agricultural Insurance Agency (https://aina.am/), as well as the Ingo Armenia, Rosgosstrakh-Armenia and Sil Insurance companies that participate in the program. According to ArmInfo, the German bank KfW allocated a grant in the amount of 5.3 million euros for the pilot program for the implementation of agricultural insurance system in Armenia. The main grant amount of 4.8 million euros was supposed to be directed exclusively to subsidizing the purchase of insurance policies by farmers. The remaining amount of 515 thousand euros was spent to cover the costs associated with consulting. At the same time, the Government of the Republic of Armenia, represented by the Ministry of Agriculture, will come out with a co-financing of the program in the amount of 5 million euros. The Climate Investment Funds will also provide 2 million euros, of which 200 thousand euros will be used to subsidize the purchase of insurance policies, and 1.8 million euros - for consulting services. Consulting will be handled by a consortium of three companies. For the creation of the Bureau for National Risk Management in the field of agricultural insurance, retraining of personnel and the formation of the institution of an appraiser, the development of by-laws and the services of a consulting company 1.9 million euros were allocated.
