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All news / The Ministry of Agriculture of Russia summarised the preliminary agricultural insurance results for 2020

  • 15 Jan 2021, 13:10

The state-supported agricultural insurance mechanism continues to develop, attracting more Russian farmers. 

According to regional agricultural authorities, the insured crop acreage in 2020 increased by 14% compared to 2019, and the insured livestock of farm animals increased by 28.6%.

As of December 31, 2020, 4.9 million hectares or 6.3% of the total crop acreage in Russia were insured. The total sum insured and accrued bonus on insurance contracts accepted for subsidies in 2020 reached 136.3 billion roubles and 3.6 billion roubles, respectively.

Last year, the insured livestock reached 8 million head or 27.8% of the country's total livestock. This is 1.3 times higher than in 2019. The sum insured in this segment amounted to 158.2 billion roubles, and the accrued bonus reached 1.7 billion roubles. Besides, 4.9 thousand tonnes of fish were insured. The sum insured in aquaculture reached 1.6 billion roubles, and the insurance bonus amounted to 31.5 million roubles.

In recent years there has been an upward trend in agricultural insurance in Russia. The growth is driven by the expansion of state support and the improvement of the mechanism and its attractiveness to farmers.