Significant Growth in State-Supported Crop Insurance for Grain in Russia
On September 3, 2024, it was reported by the National Union of Agricultural Insurers (NSA) that the area of grain crops insured with state support in Russia has reached a significant milestone. For the first time, 25% of the total sown area for grains—6.2 million hectares out of 24.7 million hectares—has been covered under the state-supported insurance scheme during the spring sowing campaign.
As of August 1, 2024, Russian farmers have secured insurance contracts for a total of 9.2 million hectares of spring crops. This includes 1.8 million hectares of oilseeds, over 0.5 million hectares of leguminous crops, and approximately 0.6 million hectares of technical, fodder, and vegetable crops.
The NSA estimates that with around 6 million hectares of winter crops insured last fall, the total insured area for agricultural crops in Russia now covers at least 18% of the sown area. This represents a notable increase from the previous year when the proportion of insured crops under state support did not exceed 15%. NSA President, Kornej Bijdov, commented that the expansion of insurance coverage for crop production will continue, benefiting both grain and other agricultural crop categories.
According to data from Rosstat, published at the beginning of August 2024, the total sown area for agricultural crops in all types of farms in Russia this year stands at 80.185 million hectares. Of this, the largest segment is occupied by grain and leguminous crops, both spring and winter varieties, amounting to 46.1 million hectares.
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