LATVIA: crop insurance more affordable for farmers

Regulation on state support for insurers to provide compensation in case of drought damage has been approved in Latvia. It will contribute to the development of agro insurance, according to the Latvian Association of Insurers.

The association believes that this will make insurance more affordable for farmers. “Last year the need to insure crops against drought loss was especially high, and unfortunately, such insurance was not available in Latvia. We are pleased that we have managed to create a plan that will make this insurance type interesting for both insurers and farmers, i.e. making it easier for insurers to offer and for farmers to buy”, said Janis ABASINS, the President of the association.

According to the association, in 2018, some insurers measured farmer demands for crop insurance to be almost three times its previous strength due to adverse weather conditions. Meanwhile, insurance against drought was not part of the covered risks and was possible only in the case of partial state support, since this risk involves destruction of a large territory and high costs for insurers…

CLICK HERE TO READ MORE

Leave a Reply

Your email address will not be published. Required fields are marked *