NEWS

TBC Insurance to fully compensate the damage to 152 sqm land incurred as a result of the August 26 natural disaster

Over the course of the past 8 months, TBC Insurance has paid out compensation of up to GEL 2 million for damages incurred by agroinsurance customers as a result of a total of 417 unexpected events in 2021. The loss suffered in Kakheti last week amounts to almost half of that.

On August 26, powerful winds and hail ended up damaging or destroying a total of 4,600 ha of high-yielding and harvest-ready vineyards in Kvareli, Telavi and Gurjaani municipalities of Kakheti. For this disaster only, TBC Insurance will compensate a total of 152 agroinsurance cases in the amount of GEL 1 million.

TBC Insurance has been officially involved in the State Agroinsurance program since 2019 and has already paid out over GEL 4,5 million to farmers, including the recent natural disaster in Kakheti.

Virtually any landowner with land up to 5 ha (or 30 ha in case of grains), registered in the Public Registry database, is eligible for agroinsurance with state co-financing.

Upon failing to meet any of the criteria set forth by the state program, customers may still purchase insurance for virtually any amount of land without co-financing.