Mabisz: last year’s drought may further increase interest in premium-subsidized plant insurance

By: STA Date: 2023. 05. 02. 10:30

The application for this year’s plant insurance fee subsidy can now be submitted to the state treasury; after last year’s drought, the interest in the scheme is expected to grow further – the Association of Hungarian Insurers (Mabisz) drew attention.

(Photo: Pixabay)

The organization indicated in its announcement on Tuesday: the Hungarian State Treasury opened its online interface on April 20, on which farmers can also submit their application for this year’s agricultural insurance premium subsidies until June 9. In addition to indicating the need for insurance premium support, producers must conclude an insurance contract that meets the eligibility conditions and pay the insurance premium in order to apply for the support. Insurance premium subsidy can only be provided on the basis of the insurance premium actually paid.

Premium income and claims payments also increased

Mabisz recalled the statistical report of the Institute of Agricultural Economics (AKI), according to which plant insurance premiums totaled HUF 32.9 billion in 2022, an increase of 71.4 percent compared to the previous year. At the same time, damage payments reached HUF 52.9 billion, which was more than four times the 2021 figure. Since the start of AKI’s data collection in 2016, there has not been a year like this when claim payments exceeded premium income by more than 45 percent, Mabisz pointed out.

MTI