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In his speech, the head of the region, Vladimir Vladimirov, drew attention to the issues of ensuring food security at the regional and national levels.
Agricultural producers, who play an important role in the global economy, face risks of crop loss, livestock mortality, and aquaculture facility damage annually. However, insurance is an effective tool for protecting against these risks in the agricultural sector, allowing for compensation for losses in case of adverse events.
Nevertheless, despite the state's support, the utilization of agricultural insurance remains low, according to Elvira Rusetzkaya, a professor at the Department of Finance and Credit of North-Caucasus Federal University and Doctor of Economics.
One of the main problems hindering the widespread use of agrarian insurance is its high cost. In 2024, there were 638 voluntary agricultural insurance contracts with state support totaling 55.3 billion rubles in the North Caucasus Federal District. Insurance premiums amounted to 1.7 billion rubles, and the insurance payouts reached 866 million rubles. The data indicates that the loss ratio in this segment of the insurance market is approximately 50%," noted Elvira Rusetzkaya.
The expert claims that it cannot be definitively stated whether commercial insurance companies are to blame for this, as farmers often opt for the cheapest programs with a 50% deductible to reduce insurance costs. As a result, the insurance compensation covers only part of the incurred losses.
Insurance companies cannot significantly lower insurance costs, as most farms are in high-risk agricultural areas where the likelihood of a high-value insurance event is very high. Additionally, insurers spend funds on risk underwriting processes, insurance contract negotiation and management, loss adjustment, insurance reserve formation, and premium payments for reinsurance contracts," commented Elvira Rusetzkaya.
There are numerous ways to develop and promote agrarian insurance.
One of the proposals put forward by Elvira Rusetzkaya is the creation of an insurance compensation fund for crop failure cases in the form of agricultural mutual insurance.
Elvira Rusetzkaya believes that establishing a non-profit organization to form the insurance fund will reduce insurance costs and make the mechanism more adaptive, especially in modern conditions.
