GPI Holding entered State agricultural insurance program
September 3, 2014: On 1st September the agricultural insurance pilot program was launched for Georgian farmers. The project is initiated by the Ministry of Agriculture and managed by Agricultural Projects Management Agency.
To stimulate agricultural insurance, the Government will finance the major part (70 percent to 95 percent) of the insurance premium and farmers should sign an insurance contract, which will include location of lot, the expected harvest volume etc. Farmers can purchase agro insurance policy in any company involved in this program.
GPI Holding as one of the leading company in this field is actively involved in the process and starts to make offers to farmers in every region of Georgia.
Paata Lomadze General Director of GPI Holding: “This is the most important pilot project for the development of agro insurance – farmers are given unique opportunity to insure their harvest at an affordable price. Natural disasters are one of the biggest risks in agricutural business. It is frequent when harvest is totally damaged by natural disasters and farmer or peasant remains without income. Agro insurance is the only reliable mechanism, which compensate farmer for its losses, if harvest is destroyed.
It is very important, to involve as many farmers as possible in this project. This allows us to balance risks and create a better portfolio.
We are actively starting information campaign in Georgian regions. The number of employed people in regions will significantly increase – we have already received the first flow of local staff. For now training and interview process is underway.”