Damage is fully reimbursed for the Agroinsurance program beneficiaries

The damage incurred to Shida Kartli region by the hail will be reimbursed to the beneficiaries benefiting from the Agroinsurance Program. Over 700 reports are received at this stage. Damages are being actively calculated. Mr. Paata Shekeladze, Director of Agricultural Project Management Agency,together with Mr. Giorgi Khojevanishvili, the Governor of Shida Kartli region and Mr. Iakob Edilashvili, the director of Insurance Company Euroins met with injured Razhden Kapanadze at Gori municipality and inspected the apple garden affected by the hail. As a result of hail, 100% of crops of Mr. Razhden Kapanadze, the resident of the Karbi village, were destroyed. Insurance company Euroins will reimburse 20,700 GEL to the said beneficiary.

For purchase of insurance policy the beneficiary got 70% of co-financing from state and sum paid by him for insurance of 1 ha area amounted to 600 GEL.

This year, a share of government in purchasing an insurance policy is 70% for all crops and 50% - for vine. A natural person or a legal entity may participate in the agro-insurance project provided that they possess, use or factually own no more than 5 ha of agricultural land (for wheat crops no more than 30 ha). Also, any beneficiaries owning more areas of agricultural lands, when insuring 5 ha, may enjoy governmental co-financing.

According to data of June 2019, in Georgia, 9,834 policies were issued under the agro-insurance project; 4,985 beneficiaries were included in the project; a governmental subsidy of the insurance premium amounted to 4,148,239 GEL. The land of 10,473 ha in total was insured and a cost of the crops was 96,497,027 GEL. The Governments financial support gave an additional stimulus to entrepreneurs to develop and extend their production. The Agriculture Project Management Agency is implementing a unified agro-project that is designed for long-term development and aims at establishing an environment that will promote competitiveness in the industry, stable growth of quality production and introduction of international standards of food safety.

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