This year, a mechanism of state support for insurance of agricultural products will start to work in Ukraine: funds will be allocated from the state budget to agricultural producers to partially reimburse the cost of insurance payment.
The UAC has agreed optimal insurance conditions and favorable tariffs for its participants with one of the leaders of the insurance market – “INGO” insurance company. All contracts and conditions will be agreed with the UAC so that the members can be sure that the insurance is reliable and verified, and insurance payments will be made on time and fully. Relevant agreements are enshrined in the Memorandum of Cooperation signed between the UAC and the insurance company “INGO” on the eve of 2022.
"The global goal of the Memorandum is to accelerate the development of agricultural insurance with the state support, which is being introduced in Ukraine. Establishing the best practices of behavior between insurers and policyholders, the formation of favorable and fair tariffs," is mentioned in the statement.
According to the UAC Chairman Andrii Dykun the development of agricultural insurance is a strategic issue. Its successful implementation directly affects the stability, planning and success of the agricultural sector.
"This is the most important issue after the land market opening. After the drought in the south of Ukraine in 2020, when up to 90% of the crop was lost, it is clear that without the development of agricultural insurance, the future of the Ukrainian agricultural sector may be regrettable," said the UAC Chairman.
According to Deputy Chairman of the Board of “INGO” Insurance Company Oleksandr Matsak world experience shows that the agricultural sector is a priority for most developed countries, so its development is supported at the state level, including insurance compensations.
"Now this mechanism has worked in Ukraine. There is a required legal base and planned budget funds, which makes its implementation real," he added.
Oleksandr Matsak assured that “INGO” has everything necessary to provide high-quality insurance protection of agricultural enterprises, even such a systemic organization as the UAC. The company has many years of expertise in agricultural insurance sector, has qualified staff and reliable reinsurance in the Western reinsurance companies with high ratings.
In order for farmers to have access to a quality insurance product this spring, the UAC and “INGO” experts are developing a roadmap for further cooperation and insurance programs for agricultural products with state support, taking into account the real needs and interests of medium and small farmers. The results will be presented in early 2022.
Information reference: JSC "INGO” Insurance Company" has more than 25 years of experience in the market. Since 2017, the main shareholder of the company is the Ukrainian business group DCH of Oleksandr Yaroslavskyi. The company is one of the largest insurance companies in Ukraine over the level of premiums, the size of its own assets and the amount of insurance claims. Among the company's cases is one of the largest insurance payments in Ukraine in the agricultural sector of USD3 million and USD42 million in property insurance sector. It has 29 licenses for various types of compulsory and voluntary insurance, provides insurance services to corporate and retail clients. “INGO” is a member of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU), a member of the American Chamber of Commerce (ACC), the European Business Association (EBA), the National Association of Insurers of Ukraine and the International Chamber of Commerce (ICC). On November 15, 2021, the rating agency IBI-Rating confirmed the long-term credit rating of “INGO” JSC on the national rating scale at the level of uaAA, the prediction "development".
