NAAI: insurance payments for losses from frost will tentatively amount to about 1–1.6 billion rubles

According to preliminary estimates, the volume of insurance payments to Russian farmers for losses from the May frosts will be about 1–1.6 billion rubles. This was announced by the President of the National Association of Agriculture Insurers (NAAI) Korney Bizhdov during the round table “Agricultural insurance — a mechanism for protecting food security in a changing climate.”

“According to our preliminary estimates, the damage from frost is not very large. Let me remind you that in 2021 alone we paid out insured damage from the May frosts in only one region — Stavropol Krai — 2 billion 300 million rubles. But this was local within one region. We expect a maximum of about 1.6 billion payments for the current frosts,” said Korney Bizhdov.

According to him, as of May 28, farmers who suffered from the May frosts had already been paid about 245 million rubles in insurance payments in four regions.

“Under the emergency program, our insurers pay within one day after receiving the report. We even have payments for two to three hours,” Korney Bizhdov informed.

The NAAI head added that Volgograd Oblast suffered the most in terms of the number of reported losses. More than 70% of crop areas affected by frost are insured here.

It is noted that the region has one of the largest areas of winter sowing in the country, protected under the crop insurance program in case of emergency loss; 425 thousand hectares were insured under it in Volgograd Oblast, and an additional 206 thousand hectares were insured under the multi-risk program.