Georgia to launch new agriculture insurance program in 2022

Georgia Materials 1 December 2021 11:51 (UTC +04:00)
Georgia to launch new agriculture insurance program in 2022

BAKU, Azerbaijan, Dec. 1

By Maryana Akhmedova – Trend:

Agricultural insurance in Georgia will be accessible to everyone from 2022, Ilia Tamarashvili, Director of the Rural Development Agency, said, Trend reports via Georgian media.

The insurance sector will most likely be able to launch new insurance packages for agricultural sector, Tamarashvili said.

According to the Director of the Agency, an insurance development strategy has already been prepared, as a result of which the coverage will increase as much as possible and the offered conditions will be adapted to the needs of farmers as much as possible.

“When the coverage is small, it is not profitable for reinsurance companies. Therefore, according to our strategy, the risks of farmers insured by the insurance sector, will be re-insured in international companies,” Tamarashvili said.

The agricultural insurance program was launched on September 1, 2014, to develop the insurance market in the agricultural sector, promote agricultural activities, maintain income for farmers and reduce risks.

The program is implemented by the Rural Development Agency, which enters into agreements with the relevant insurance companies licensed in accordance with the law, subsidizes the insurance premium and monitors them.


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