AGROINSURANCE PROTECTS FARMERS AGAINST NATURAL DISASTERS
TBC Insurance offers farmers to protect their crops. Agricultural insurance program is implemented by co-financing from the agency of the project management of the Ministry of Agriculture; 50% of the cost of insurance is covered by the government in case of grape culture; for other crops state covers 70%.
Agricultural insurance protects farmers against unexpected expenses that might be the result of the loss of crops as a result of the natural disaster. Agroinsurance insures farmers against the following risks: hale, flood, storm, frost. Insured crops include: grain, legume, vegetable, gourds, fruit trees, nuts and grapes.
The price for agroinsurance varies according to the types of crop and starts from 25 GEL for one hectare. A farmer can also cover the insurance price with a loan.
In 2018, the amount of reimbursed money from the insurance sphere in the agricultural sector amounted to 6 million GEL.
Agroinsurance became available thanks to the co-financing from the Ministry of Agriculture. This way, even those farmers who own small-sized farms started to have access to the insurance. Agroinsurance can be purchased by anyone who works on land and harvests. It is mandatory that the land is registered in the Public Registry and the insured land plot does not exceed 5 hectares or 30 hectares in case of grains.
Agroinsurance can be purchased in TBC Bank branches within the whole country.