Agricultural insurance is a necessary and often undervalued area for agriculture businesses. It protects farmers from unexpected circumstances like severe weather conditions or intentional harm from ill-wishers.
Insurance protects farmers from financial losses: the insurance company covers them in the event of catastrophe. This is especially important in agribusiness since the weather changes cannot be prevented, and the farm is powerless to them.
Which risks does crop insurance cover?
→ frost, icy conditions
→ hail or lightning
→ earthquake
→ avalanche, land shift
→ fire, except wildfires
→ storm, hurricane, snowstorm
→ heavy rain
→ drought or dehydration
→ epiphytotic development of diseases
→ illegal actions of third parties
It is important that insurance increases the farmers’ creditworthiness because banks trust businessmen more when their income is protected. When the farmers have insurance, deterioration of the climate won’t lead to financial loss, and businessmen will be able to repay loans, despite unexpected weather conditions.
NagriTech has approached agricultural insurance with an understanding of the importance of this issue. Cofounder, Andrey Samolyotov visited Armenia to negotiate with insurance companies. As a result, a number of agreements were formed. Farmers can now protect nature using Nagri-HL and also protect their business because they will get insurance at more favorable rates through NagriTech.
