TBC Insurance has been actively involved in the State Program of Agro-Insurance since 2019. In two years, the company has reimbursed losses to farmers amounting up to 3 million GEL.
Agro-insurance protects farmers from potential unforeseen expenses that might follow natural disasters and the resulting harvest destruction. Hence, to make farmers lives easier, agro-insurance covers the following risks:
• Autumn frost
The following cultures can be insured from the mentioned natural disasters:
Agro-insurance can be purchased in regional branches of TBC Bank, in Kakheti, Shida Kartli, Kvemo Kartli and Racha-Lechkhumi.
“Agro-insurance has become an integral part of the farming business, which is why the demand and competition are increasing annually. TBC insurance aims to offer insured farmers maximum comfort and ease during both purchase and reimbursement, ultimately striving to make their lives easier” – Otar Tskhvitaria, TBC Insurance's Head of SME Alternative Sales.
The agro-insurance program is carried out with co-financing from the Agriculture Projects Management Agency. The government covers 50% of the insurance premium in the case of vineyards, and 70% for all other cultures. Importantly, farmers can cover the remaining insurance expenses in terms and also through loans.
Anyone cultivating land for farming and harvest is eligible for agro-insurance, although it is mandatory for the land to be officially registered in the public registry, and the size should not exceed 5 hectares, or 30 hectares for cereals.
If the customer does not fulfill the state program criterion, they can still purchase insurance, but without state co-financing. In this case, the farmer pays 100% of the insurance premium.
For additional information, please contact us at 032 2 42 22 22