Project profile — Agriculture-Insurance Sector Development

The project aims to establish a viable agriculture insurance industry in Ukraine. It is working to improve the regulatory environment by promoting sector development and growth among stakeholder institutions. It offers technical and managerial training to insurance companies, promotes a greater understanding of risk management among sector participants, and is developing and marketing new agri-insurance products to producers. The project is striving to establish a central management and coordinating body to oversee the management and growth of the industry.

N/A

Results at end of project include: An awareness campaign on risk management and the role of agri-insurance was successfully conducted, reaching 1,400 agricultural producers from 11 regions while obtaining substantial press coverage with 838 media appearances. In addition, the set of standard insurance products was expanded to nine products (winter wheat, rye, triticale, barley, and canola, summer wheat and barley, plus corn and sunflower). Four insurance companies have adopted new policies to implement these standard products, which resulted in 159 insurance contracts signed for a total of about $18 million, exceeding the target by 30%. A wide-scale training campaign was organized for insurance specialists and 164 insurance specialists from 7 companies attended 8 training sessions; 14 loss adjusters were certified. Sixteen laws/regulations were prepared and three were adopted: a cabinet resolution and two regulations on Qualification Requirements for Loss Adjusters, and the Minimum Qualifications for Loss Adjusters.