The agricultural insurance market in Russia grew by almost half in the first quarter of 2023

The agricultural insurance market grew by 47% in the first quarter of 2023, according to the National Union of Agricultural Insurers (NUA). According to the union, the growth of the market was influenced by state support, as well as the fact that farmers this year began to insure spring crops earlier.

In the first three months of 2023, farmers have already managed to invest 1.1 million rubles in insurance, while a year earlier, 0.7 billion rubles were collected over the same period, according to the NSA. The largest part was for insurance of animals, including pigs, large and small cattle, poultry - only 814 million rubles, or 39% more than in the first quarter of last year. At the same time, insurance of crops against emergencies and other risks has grown even more significantly - by 89% compared to the same period last year. Experts note that the reason was the early insurance of spring crops, and this, in turn, was achieved by promptly bringing subsidies to farmers.

The NSA also reported that this year 1.6 million heads of fish were insured with state support for a total of 15 million rubles.