MBH Bank: crop insurance can also be taken out online on the MBH AgrárPartner Platform

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Based on the requests submitted on the platform, Hungarikum Biztosítási Alkusz Zrt. requests offers from four insurance companies and helps to select the most advantageous one. The entire process: from entering data to comparing offers to concluding a contract can be done entirely online. Ádám Kovásznai, the business manager of MBH eFin Technologies Zrt., noted in the announcement that the collaboration opens a customer-friendly, digital channel that makes crop insurance more transparent and can save considerable time. The announcement quoted Ágnes Bara, the strategy and international sales deputy general manager of Hungarikum Biztosítási Alkusz Zrt., who said that plant insurance is a special risk transfer solution, and thanks to the state-supported insurance system, a significant part of the insurance premium can be reclaimed.

In Hungary, four insurance companies offer plant insurance, and the resulting premium income is about HUF 25-30 billion per year

According to the data of the Central Statistics Office (KSH), the annual output of agriculture was between HUF 4,100 and 4,400 billion last year, of which cereals represent HUF 900-1,100, industrial crops 500-550, horticultural products 400, fruit 160-180, and fodder crops 100-120 billion. Arable crop production, which forms the backbone of emissions, takes place on about 4 million hectares, of the main crops, wheat production is typically 5–6 million tons, corn 3–8 million tons, while barley and sunflower production each amount to 1.5–2 million tons. They also pointed out that production is increasingly exposed to weather extremes, especially drought, which causes significant damage.

MTI