World meat industry news

The state-supported livestock insurance market reached RUB 1.7 billion in the first 6 months of 2023. The increase compared to the same period in 2022 was 28%, the National Union of Agricultural Insurers (NUA) reported.

In the first half of 2022, the volume of the livestock insurance market was 1.3 billion rubles.

For insurance of commercial aquaculture with state support, the volume of premiums for the first half of 2023 amounted to 18 million rubles.

In general, the volume of the Russian agricultural insurance market with state support in the first half of 2023 reached almost 6 billion rubles. The market growth compared to the same period last year, when agricultural insurers collected about 5 billion rubles, amounted to 20%.

“The main factor in the growth of premiums in subsidized agricultural insurance in the first half of 2023 was a significant expansion of the insurance field. Thus, the insured area of crops increased by more than 1.5 times. The client base is also expanding, including livestock insurance,” commented NSA President Korney Bizhdov.