Agricultural insurance claim payments decreased in 2023

By: STA Date: 2024. 04. 18. 09:30

Agricultural premium income totaled HUF 32.8 billion (-10 percent), and damage payments totaled HUF 12.1 billion (-77.2 percent) in 2023. Thus, revenues decreased by a tenth and payments by almost a fifth compared to the previous year.

For crop insurance, the premium payment was HUF 29.6 billion (-10.1 percent compared to 2022), the claim payment was HUF 11.5 billion (-77.7 percent compared to 2022). The premium income of the animal insurance industry in 2023 reached 541.2 million forints, and the payment of claims reached 113.3 million forints (premium payments decreased by 52.6 percent and payments by 79.8 percent compared to the previous year).

The premiums for property and liability insurance were HUF 2.6 billion, and the compensation was HUF 413.9 million

The average loss ratio of agricultural insurance was 36.8 percent in 2023, that of plant insurance was 39 percent, that of animal insurance was 20.9 percent, and that of property and liability insurance was 15.9 percent. Claim ratios decreased for all main categories, but the most significant and decisive decline occurred in the case of crop insurance.

In the case of non-premium-subsidized plant insurance, most people (10,841 insured) took out insurance for ice, fire and storm damage

In the case of ice and fire risk factors, the damage ratio was 19.7 percent and in the case of storm 21.4 percent in 2023, while the former decreased and the latter increased compared to the previous year. Examining all plant insurance, the highest loss ratio of 529 percent (which means an increase of 73.4 percentage points compared to the previous year) was generated in supplementary insurances.

AKI PÁIR