OREANDA-NEWS. September 20, 2012. Ingosstrakh Insurance Company Became the General Sponsor of the 18th International Conference “Black Sea Territory Corn and Oil-Bearing Plants 2012/13”. Price Rally: Risks and Possibilities. The event was held with the support of the Ministry of Agriculture of the Russian Federation, Administration of the Krasnodar Territory,

and Kuban’s Agricultural Union.

The conference participants included 273 representatives from 21 countries, including from Russia, the USA, Great Britain, Denmark, Germany, France, Italy, Switzerland, Turkey, Egypt, Lebanon, Singapore, Latvia, Estonia, Belarus, Ukraine, Kazakhstan and other countries. The participants discussed legal provision and state regulation of the Russian grain market, new trends of situation development on the world corn and oil-bearing cultures markets and many other issues.

The leading experts of the agricultural and food market presented their reports on the relevant problems of the industry. The following persons took an active part in the conference: Alexey Ovsyannikov, Leading Counselor of Department for the Development of Economic Sectors with the Ministry of Economic Development of Russia; Arkady Zlochevsky, President of the Russian Grain Union; Ilya Shestakov, Deputy Minister of Agriculture; Dmitry Rylko, General Director of Institute for Agricultural Market Studies; and other experts.

Delyara Sangajieva, Head of Agroindustrial Insurance Department of Ingosstrakh Insurance Company, in her report, considered insurance the instrument of investments protection in the agroindustrial complex in the light of Russia’s accession to the WTO. She told about the action of the new law “On Insurance with State Support”, the aspects of its practical application and insurance of raw materials freight.

According to Delyara Sangajieva, protection of business and choice of the most efficient instrument is the best stimulus for the development of insurance market in rural area. The questions of agricultural business protection are especially relevant today as local and territorial droughts have been observed in Russia since the autumn of 2009. However, agricultural business representatives need to understand how insurance mechanisms work.

Delyara Sangajieva noted in her report: “The experience of western countries shows that insurance in rural areas started developing upon introduction of the deemed principle of application. There is no insurance agreement on protection of the main kind of production and there is no state support in all directions. This concept fits very well the legal field of the WTO that Russia joined in August this year.”

The conference ended with the round-table discussion of the grain market experts.