Hail and ice are the most pronounced risks in agricultural insurance. During the first six months of this year, over 70% of the value of all paid damages in agriculture and livestock has been due to the consequences of these natural disasters. Since farmers acknowledge the hail and ice as the biggest dangers, they invest in insurance against these risks the most. For the first six months, the value of purchased policies that insure against hail and ice reached 5 million EUR or 26% more in comparison to the same period last year.
Farmers and stockbreeders have collected a total of 162 million MKD (2.63 million EUR) from damages covered by insurance policies for the first six months of this year. In the total amount of paid agricultural and livestock damages for destroyed crops, fruits and dead cattle, the payment of damages caused by hail and ice continuously dominates, according to the official data of the Insurance Supervision Agency (ISA).
The hail and ice are the biggest enemies of the farmers, they do the biggest damage
Damage caused by hail or ice has continuously the largest share in the amount of damages paid covered by agricultural insurance. For the first six months of these natural disasters, damages for destroyed crops and fruits have been paid, in a total value of 117.85 million MKD (1.9 million EUR). That is 72% of all paid damages in agriculture and livestock during this period. The statistics for the first half of the previous two years are similar. In 2020, farmers collected 99.5 million MKD (1.6 million EUR) or 74% for damages from hail and ice, and in 2019, 78 % of all paid damages in agriculture.
The total amount of damages collected by farmers from insurance companies for the first six months of this year is 162 million MKD (2.63 million EUR). In the same period last year, the amount of claims paid for agricultural insurance was lower by 22% and amounted to 132.4 million MKD (2.15 million EUR). In the first half of 2019, farmers collected 78.4 million MKD (1.27 million EUR) in damages.
What farmers usually insure
The total investments of farmers and stockbreeders in insurance for the first half of this year amount to 398.4 million MKD (6.5 million EUR). That is 20% more compared to the same period in 2020 when investments in crops, fruit and livestock insurance were 331 million MKD (5.38 million EUR). Continuity in the growth of investments is also recorded compared to 2019 when the value of agricultural insurance in the first half of the year amounted to 241.2 million MKD (3.92 million EUR).
The Insurance Supervision Agency (ISA) is an independent regulatory body that regulates the insurance market, supervises the work of insurance entities, takes care of the protection of the rights of the policy holders and contributes to financial education and inclusion of the population.