The agricultural insurance market in Russia in the first 9 months of 2022 grew by 28%: the volume of insurance premium increased by 8,2 billion rubles against 6,4 billion in the same period a year earlier, the press service of the National Union of Agricultural Insurers said.
“As in previous years, positive dynamics of development is noted primarily in subsidized agricultural insurance,” said NSA President Korney Bizhdov, commenting on the results of the Russian insurance sector in terms of agricultural insurance, published by the Central Bank of the Russian Federation.
State-supported insurance remains the main segment of the agricultural insurance market in the Russian Federation, accounting for about 90% of its total volume. The premium accrued in the first half of the year under agricultural risk insurance contracts with state support amounted to 7,1 billion rubles, which is 28% more than in the same period last year (5,5 billion rubles). Under contracts without state support, the insurance premium amounted to 1,1 billion rubles, which is 23% more than a year earlier (897 million rubles).
In Russia, insurance is provided for four main areas of agricultural production: arable crop production, cultivation of perennial plantations, animal husbandry and commercial aquaculture. In each area, farmers have access to insurance programs on the terms of state subsidies for the cost of purchasing an insurance policy. According to the results of 9 months, in the total volume of the agricultural insurance market, 61%, or almost 5,0 billion rubles, falls on the crop insurance segment. The second main segment is the insurance of farm animals, which accounts for 36%, or 2,9 billion rubles. Insurance of commercial aquaculture (202 million rubles) and plantings of perennial plantings (90,5 million rubles) account for about 3% of this market.”