The implementation of the insurance program for grain and oilseeds, as well as pastures, has begun. The insurance operator in the agro-industrial complex is the Agrarian Credit Corporation.
You can conclude insurance contracts in the Agroinsurance information system on the website www.qoldau.kz
CROPS INSURANCE
You can insure crops of wheat, barley, oats, corn, sunflower, rapeseed and flax. Insurance is available for farmers of Akmola, Aktobe, East Kazakhstan, West Kazakhstan, Karaganda, Kostanay, Pavlodar, North Kazakhstan regions.
It is possible to conclude insurance contracts against moisture deficiency in the soil for grain crops until April 16, for oilseeds - until April 30.
The insurance period for drought insurance is divided into three phases. If crops are insured for the period from May 15 to August 14 (three-phase product), then the cost of the insurance policy will be 4.8% of the sum insured. If the insurance period lasts from June 15 to August 14 (two-phase product), the tariff will be equal to 3.2% of the sum insured.
For products, state support is provided in the form of subsidizing insurance premiums - an insurance policy is cheaper for agricultural producers by 50%.
The onset of drought is determined on the basis of indices that the insurance company calculates based on historical soil moisture data. When calculating for the next season, weather data for each region, including the previous year, are taken into account. Thus, the index values change annually. Therefore, potential policyholders need to pay attention to the new values of the indices when concluding insurance contracts.
“Following the results of two years of insurance of crops against drought, agricultural producers were paid 1 billion 327.3 million tenge,” says Almat Ashirbekov, Chairman of the Board of Agrarian Credit Corporation JSC. million tenge contributed as state subsidies.
PASTURE INSURANCE
The operator has approved a new product - pasture insurance - based on the pasture biomass deficit index. Pastures with annual and perennial grasses can be insured. The insurance period is from May 1 to August 30. The insurance rate is 3.2%. Pastures must be insured until April 16.
The fields are monitored by ground remote sensing sources that record the relative amount of water in the crops and provide readings of the biomass deficit index.
The product will also be subsidized insurance premiums in the amount of 50%.
As Almat Ashirbekov noted, all procedures, from the conclusion of a contract to insurance payments, are carried out on an electronic platform. Automation of processes eliminates the influence of the human factor and ensures their transparency.
The system operates insurance companies licensed by the Agency of the Republic of Kazakhstan for the regulation and development of financial markets. Also, three international reinsurance companies with an “A” rating in the world market are involved in the work, which reinsure the risks assumed by domestic companies. This will ensure guaranteed payments to companies that have insured their assets.