On February 17, the Government at a meeting has approved a draft law, which introduces agricultural insurance – a new tool for supporting farmers. The work on the document was carried out in close cooperation between the Ministry of Economy and the National Bank, participants in the agricultural and insurance markets, representatives of specialized associations and international experts. The Journalist reported with reference to the press center of the Ministry of Economy.
“State support for agricultural insurance is an effective tool in many countries of the world. We all understand how important and long-awaited this support is for Ukrainian farmers, especially when we talk about global climate change and expected weather conditions, such as drought. I am grateful to everyone who joined the development of legislative changes and the implementation of our plans to form the agricultural insurance market in Ukraine. I am sure that this decision will contribute to the development of not only the agricultural sector, but also the economy as a whole,” commented Ihor Petrashko, Minister of Economic Development, Trade and Agriculture of Ukraine.
The adopted changes clearly define the mechanism for providing state support, market participants, insurance objects, insurance products, insurance risks and events, requirements for contracts.
The document abolishes the provision regarding insurance of agricultural products through the Agrarian Insurance Pool, which was not a transparent filter for professional and open selection of insurers. However, the adopted bill sets clear requirements for insurance companies and control over them, ensures transparency and transparency.