Agricultural insurance activity doubled in the first quarter of 2021

The agricultural insurance market with state support continued to grow - the accrued insurance premium in the first quarter of 2021 is 492 million rubles, which is 16% more than the indicator for the same period in 2020 - 424 million rubles. The number of regions in which insurance contracts were concluded on the terms of state support also increased - up to 38 constituent entities of the Russian Federation (from 34 a year earlier). 

“Due to the seasonality of agricultural production and the annual subsidizing cycle, the first three months of each year have always been the least active period for the agricultural insurance market,” comments NSA President Korney Bizhdov. “Now it is obvious that this activity has increased by about 2 times: for comparison, two years ago, in the first three months of 2019, state-supported insurance contracts were concluded in 16 regions, and the amount of accrued premium was 174 million rubles.” 

Traditionally, in the first quarter, the insurance premium for agricultural insurance is dominated by livestock insurance: now, in this area, agricultural insurers have collected 433 million rubles of insurance premium, compared with the figure for the same period last year (254 million rubles), the increase was 53%. At the same time, the insured livestock increased by 84% - up to 1.8 million conditional heads compared to 987 thousand conditional heads a year earlier. Farm animals are insured in 30 constituent entities of the Russian Federation, the largest herds are provided with policies in Belgorod (532 thousand standard heads), Kursk (449 thousand standard heads) and Voronezh regions (117 thousand standard heads) during this period. 

Fish insurance also continues to develop: according to the results of the first quarter, the insurance premium amounted to 12 million rubles. The fish stock is insured in the Republic of Karelia and the Leningrad Region. 

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Crop insurance in the 1st quarter is not indicative, since sowing work is just beginning, but crop insurance contracts have already been concluded in 11 regions of the Russian Federation. The first 38 thousand hectares were insured under them, 47 million rubles were accrued. Most actively at an early stage in crop insurance this year were such regions as the Primorsky and Stavropol Territories, where the first 8 thousand hectares of spring sowing were insured, as well as regions where small areas are still insured - the Vologda and Tambov regions, the Republic of Mordovia and Krasnodar region, Voronezh region.