Crop insurance remains the most popular agricultural insurance

(Photo: Pixabay)

In addition to the agricultural damage mitigation system launched by the Ministry of Agriculture, producer self-care is of great importance, as farmers can further reduce the negative effects of weather conditions and other natural risks by taking out agricultural insurance. The premium-subsidized agricultural insurance system was in operation for the thirteenth year in 2024, under which farmers can receive up to 70 percent of the premium of the subsidized insurance as a subsequent subsidy (redistribution may be made in case of over-application).

The budget available for the subsidy in 2024 was 13 billion forints

The state support that can be applied for plays a significant role in the development and evolution of the agricultural insurance market, as producers prefer to choose the premium-subsidized scheme. The hegemony of the crop insurance sector continued, with this segment accounting for 87.9 percent of total revenue in 2024. The share of the livestock insurance sector in total premium revenue increased (+1.9 percent), that of property and liability insurance also increased (+10.1 percent), while that of forest insurance remained at a minimal level.

AKI PÁIR