Ingosstrakh Is Strategic Partner of Agricultural Insurance Round Table
OREANDA-NEWS. December 24, 2010. Ingosstrakh became a strategic partner of the “Agricultural Insurance 2010/2011. Conclusions and Expectations of the Agricultural Sector, the Government, Insurance Companies” Round Table arranged by the “Insurance Today” Media-Information Group in
The main objectives of the event were as follows: summing-up preliminary results of agricultural insurance in 2010, discussing the draft law “On Government -Supported Agricultural Insurance”, probable consequences of its adoption for the agricultural sector and insurers as well as key trends of improving normative legal regulation of crop insurance.
Representatives of profile committees of the State Duma of the Russian Federation, Ministry of Finance of the Russian Federation, Ministry of Agriculture of the Russian Federation, Federal Supervision Service for Insurance, Federal Antimonopoly Service, National Union of Agricultural Insurers, FGU “Federal Agency for the State Support in the Sphere of Agro-industry”, managers and specialists of agricultural enterprises, insurance companies, leading experts in the sphere of insurance and re-insurance of agricultural risks, feature-writers of profile mass-media took part in the Round Table.
Nikolai Galushin, Deputy General Director of Ingosstrakh made a presentation where he touched upon actual and hidden agricultural insurance problems. He underlined that currently the branch is in a critical situation. There is little motivation for agricultural producers because of a number of reasons, insurance companies, on their part, are not interested in agricultural insurance since they lack understanding how and what is to be insured. All this is dramatized by negative climatic factors in 2010 and uncertain forecasts for 2011. At the same time, interest of the government in the development of agricultural insurance has increased significantly.
According to N. Galushin, formation of institutions to ensure functioning of the agricultural insurance system may become the only solution to the current situation. All kinds of state support must be targeted only at agricultural producers having guarantees of realization of their activity (the most correct form of such a guarantee would be insurance of agricultural risks: corn growing, animal, poultry, fish raising). The law on agricultural insurance must be clear, exclude any possibility of double interpretation of provisions in favor of either the insurant or the insurer and provide for control of execution of obligations by insurers under insurance contracts in full.