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Created an Agricultural Insurance Bureau - an organization designed to bring local farmers insurance at a new level
22:04 10/22/11

It happened on February 1 at the founding meeting in which representatives of 15 insurance companies that provide services to insurance of agricultural risks, such as: Alfa-Garant, ASKA, Brkokbiznes, Standard, European Insurance Alliance, INGO-Ukraine, Orans, Orans -Jan, Lead, Insurance group "TAS", Ukrainian agricultural insurance company, the Ukrainian Fire Insurance Company, Ukrainian Environmental insurance company, Universal, UNIQA. All of them occupy leading positions in the agricultural-insurance market.

Constituent Assembly was preceded by a long process to develop common positions. Recall that in the summer of last year, representatives of the three associations of insurers: the League of Insurance Organizations, Association "Insurance" and the Ukrainian Federation of securing appealed to the International Finance Corporation (IFC, World Bank Group) "Development of agricultural-insurance in Ukraine" with the request to coordinate the establishment of the Bureau .

Opening the Constituent Assembly, IFC Project Manager Gary Roche said: "Ukraine has to move decisively forward in the development of agricultural-insurance, because all countries in the world who are betting on the agricultural sector, promote the development of agricultural-insurance, without Ukrainian farmers will lose their competitive advantage in comparison with farmers in these countries ".

Insurance companies establish Agricultural Insurance offices to join forces in creating new, more sophisticated insurance products that meet the needs of farmers, creating a single database that will calculate insurance rates based on actuarial calculations, provide training for specialists of insurance companies and enforcing standards behavior in the agricultural-insurance market. According to the founders, belonging to Agricultural Insurance Bureau has become a kind of guarantee of quality assurance that meets the best international standards.

The project IFC, according to Gary Roche, strongly contribute to the work Agricultural Insurance Bureau and those insurance companies that enter into its composition. "And this is our investment."

In particular, IFC project will assist their participation in the development and implementation of standardized practices of insurance products, are in dire need of today feel the farmers and insurers.

Development of standardized insurance products is an international practice, which is introduced in Ukraine. IFC project is proposed Agricultural Insurance market following five products: for wheat, rye, triticale, barley and canola. This year the list of such insurance products enriched with three new.

According to Gary Roche, today experts led his project about 50% of the time dedicated development and implementation of new standard insurance products. "With the creation of the Bureau, we can work more focused and to increase this figure to 70%."

Gary Roche identified the principles of which will ensure effective functioning Agricultural Insurance Bureau. In particular, they provide a depositary of data and systems management, standards for insurance and agricultural use of qualitative re-designed to provide a guaranteed payment of compensation in case of occurrence and, thus, strengthen the confidence of farmers in agricultural-insurance, the Code of Ethics. "A company that fails to comply with the Code of Ethics, must come out of this joint club" - Gary Roche said.

Members of the Constituent Assembly agreed with the suggestion Gary Roche regarding the advisability of a clear definition of the principles on which further function Agricultural Insurance Bureau, the direction in which it will deploy its work. "This will facilitate our efforts in lobbying for common interests and receive government support."

Members of the Constituent Assembly adopted a coherent version of Agricultural Insurance office and chose him as director. They became Roman Kolibaba - a man who is not only insurers but also farmers, for whom it within IFC Project over the past two years held dozens of seminars on agricultural-insurance throughout Ukraine.

Maxim Nazarenko

National Press Club "Ukrainian Perspective"

See also
11/05/11 New insurance products developed by experts from IFC, will help improve the quality of agricultural insurance
02/15/10 Farmers involved in modern agri-insurance
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