Economics

Kazakhstan drought-affected farmers will receive insurance payments

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Agro producers who have entered into insurance contracts against a lack of moisture in the soil receive insurance payments in Kazakhstan, Kazpravda.kz refers to the Agriculture Ministry’s press service reporting.

Fields have suffered from prolonged drought throughout the country: the scorching sun and dry winds damaged crops and farmers' hopes for a good harvest.

Drought facts are recorded by the Agroinsurance system on the Qoldau.kz website automatically, based on satellite data. Thus, insured events were registered, for which the farmers who insured their fields are already receiving insurance payments.

As previously informed, under the first phase, farmers from 5 regions (Akmola, East Kazakhstan, Kostanay, Pavlodar, North Kazakhstan regions) received payments on 32 concluded insurance contracts for the soil moisture deficit index. Insurance companies paid them KZT 190.5 million.

Under the second phase, on 38 concluded insurance contracts for the soil moisture deficiency index, payments were received by farmers from 3 regions (Akmola, Kostanay, North Kazakhstan regions) and Nur-Sultan. Insurance companies paid KZT 14.1 million.

In the third phase, farmers from 5 regions (Akmola, East Kazakhstan, Karaganda, Kostanay, Pavlodar regions) receive payments on 56 concluded insurance contracts for the soil moisture deficit index. Insurance companies will provide payments in the amount of KZT 224.4 million.

In general, the amount of insurance payments for all phases is KZT 729 million. Payments exceeded and covered the expenses of farmers for the purchase of insurance policies by KZT565.5 million.

This year, insurance companies insured 121.3 thousand hectares in seven regions and the capital within the framework of 100 concluded agreements on index insurance of soil moisture deficit. The amount of insurance premiums under these contracts is KZT 319 million, of which 159.5 million was paid by farmers and 159.5 tenge was paid as subsidies by the Fund for Financial Support to Agriculture, which is agricultural insurance operator.

15:07, 27 August 2021
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