Agriproducers may be compensated more than UAH 2 bln for crop failure in 2021-23

Ukrainian agricultural producers will be able to insure crops against failure risks. The program of agricultural insurance for 2021-23 provides for more than UAH 2 bln, the Economy Ministry's presentation "Agricultural State Support: 2020 Focus and Strategy for 2021-23" reads.

The new direction in agricultural crop and product insurance aims at protecting the property interests of insurers for maintaining sustainable agricultural production.

Pursuant to the Law of Ukraine "On state support of agriculture in Ukraine", in 2021-23 the domestic agrarians are to be compensated with UAH 672, 647 and 684 mln respectively under contracts of crop insurance against loss.

Agricultural producers, as well as insurance companies, are participants of the program.

Among the insurance objects are the following:

• crops
• perennial plantings, crop
• farm animals, fish, water bioresources, bee families in hives

It is stated that the part of the insurance payment (50%) with a limit on the amount of payments for the objects is subject to compensation.

Previously reported that six regions of Ukraine finalized wheat harvesting. The average yield since that start of harvesting makes up 3.83 t/ha.