CC BY
2k>o
NERSES NERSISYAN
PhD Student of the Chair of Banking and Insurance of Armenian State University of Economics https://orcid.org/0000-0002-0874-8828
"FERTILITY" OF AGRICULTURAL RISK INSURANCE IN ARMENIA
"What is our livelihood? - a piece of dry bread, and here it is - hanging from the sky..."
Hovhannes Tumanyan
For a sustainable and balanced development of the agricultural sector effective risk management process is a key point to create fertile ground for the further development of the insurance process.
Current challenges that the agricultural sector is faced with, dependence on natural disasters and other factors hindering sustainable growth, force us to develop models that will be fostering the sector's progress.
Based on international experience the insurance system is one the most effective tools to promote the stability and further development of the agricultural sector.
The main factor to improve agricultural productivity is the possibility of loss compensation which can be created due to the proper implementation of the insurance process. The new situation created as a result of the implementation of pilot programs of agricultural insurance in the Republic of Armenia, their effectiveness, and, very importantly, main benefits are comprehensively presented in the paper.
What are the results of the implementation of agricultural insurance in the Republic of Armenia? How can the current situation be changed? What steps should be taken to set new development guidelines? The answers to these and many other important questions can be found in the research.
Keywords: agricultural insurance, pilot program, stability, crops, insurance premium JEL: G22, Q14
DOI: 10.52174/1829-0280_2022.5-30
Introduction. Agriculture has been the main source of income for people for thousands of years. The role of agriculture in the economy of practically all countries of the world has increased rather than decreased, setting new standards of significance every year. In terms of the role and significance of agriculture in the national economic system, it should be noted that it has always been one of the vital and strategically important sectors of the economy. It seems that comprehensive analysis of the agricultural sector, particularly multifaceted study of issues and the promotion of innovative solutions have become mandatory in government strategies. Visible efforts have been taken to reduce the risks brought on by natural disasters and climate change, and also to prevent them. In this regard, we can mention the execution of agricultural pilot programs or implementation attempts in our country.
The establishment of an agro-insurance culture with assistance from the government is in the frames of policies fostering the development of agriculture in the Republic of Armenia. Without it, no agricultural development program will stand a chance of success. It is notable that some pilot insurance systems, particularly the cattle insurance programs in Vayots Dzor and Syunik, were implemented in RA agriculture; but, since they were not ongoing, they can be viewed as failures. Since September 2019, a pilot agricultural insurance program has been implemented in the territory of the Republic of Armenia, according to which orchards of apple, grape, apricot, peach, and grain crops are insured.1
Literature Review. In the global insurance market, the application of unified agricultural insurance instruments is a challenging task. Studies of the global insurance industry, however, provide an opportunity to develop a more optimal insurance model, to improve the one that already exists, and to further develop it. Spain, Canada, France, and the United States of America, as well as China, have extensive experience in agricultural insurance.2
International experience studies indicate that there are numerous tools in the agricultural sector for reducing emerging risks in the agrarian sector. Ex ante and ex post strategies, in particular, can be defined as such instruments.3 Ex ante strategies are those that allow us to reduce the likelihood of a risk occurrence, such as choosing the right seeds in horticulture or improving knowledge in the field of agro-insurance. Ex post strategies are ones that enable reducing risks after they have already arisen, in particular through loans or asset sales.
Index insurance can be used as an alternative to agricultural risk insurance in the international insurance market. In this case, the insurance program works based on meteorological data.4 Index insurance is a more straightforward form of insurance. This type of insurance is more practical and less dependent on government subsidies. This insurance tool can be combined with other risk
1 https://aina.am/gyux-apahovagrutun/
2 https://www.farm-europe.eu/travaux/how-to-tackle-price-and-income-volatility-for-farmers-an-overview-of-international-agricultural-policies-and-instruments/
3 https://www.chikyu.ac.jp/resilience/files/ReportFY2008/ResilienceProject_Report2009_16.pdf
4 https://openknowledge.worldbank.org/bitstream/handle/10986/26889/662740NWP0Box30or0 Ag020110final0web.pdf?sequence=1&is Allowed=y
management tools, both ex ante and ex post, to obtain more effective and potent tools to combat the risks that may arise in the agriculture sector. Index insurance has been used in African and Latin American countries. In Spain, index insurance is used to compensate for the loss of areas used for beekeeping and to mitigate emerging risks in the beekeeping insurance industry in general.5
Spain is regarded as one of the undeniable leaders in the global agricultural insurance market. This is demonstrated by a thorough analysis devoted to the 40-year activity of the agricultural insurance sector in Spain.6 The agricultural insurance system in Spain is considered an international standard for managing agricultural risk. In Spain, all agricultural risks are insured by the private sector and subsidized by the state. Apart from having extensive experience in the field of agricultural insurance, Spain also assists other countries in the development of agricultural insurance systems. In this regard, the development of Spain-Russia cooperation is remarkable. The 2007 agreement on agricultural insurance cooperation between the Spanish and Russian Ministries of Agriculture, in collaboration with ENESA, Agroseguro, and other private and public organizations in Spain, for the effective exchange of experience in the field of agricultural insurance in both countries, serves as a basis for this cooperation.7
The execution of experimental insurance programs, risk assessment in agriculture, and even the installation of insurance systems have all been addressed frequently during the thirty-year history of the Republic of Armenia. However, due to the lack of a continuous nature, the results of agro-insurance up until 2019 were either inefficient or unsatisfactory. One of the similar experiments was the mutual insurance program implemented in Tolors cooperative of Syunik region in 2005.8 According to K. Kirakosyan, who was the head of this project, in terms of risk management in the agrarian sector of our country, the mutual insurance process is the most effective choice. The implementers of the project established an experimental mutual insurance fund and set certain tariffs based on the species of animals. It should be mentioned that the 2006 drought, which caused irreparable damage to the members of the cooperative, posed the most significant challenge to terminating this initiative.
Dr. Clemence Tatin- Jaleran's research on agricultural risks in the Republic of Armenia deserves special attention.9 According to Clemans's research, agricultural products are divided into two groups: products developed based on compensation and products developed based on the indicator. In the first case, crop loss and insurance compensation are determined on the spot based on the actual loss suffered by the insured person. The scale of index compensation determines the compensation provided by index-based products. When the insured person is familiar with the insurance, the indicator can be more accurate.
5 https://www.mapa.gob.es/es/enesa/publicaciones/40anosenesa_ingles_tcm30-513821.pdf
6 https://www.mapa.gob.es/es/enesa/publicaciones/40anosenesa_ingles_tcm30-513821.pdf
7 https://www.cbr.ru/Content/Document/File/50680/Consultation_Paper_171212.pdf
8 Kirakosyan K., «Organization of mutual insurance of agricultural animals», Yerevan, 2007, p. 43.
9 http://www.nature-ic.am/Content/announcements/7154/Needs-Assessment_ARM.pdf
Clemans' strategy, developed during the studies, is particularly noteworthy; it proposes that in case of drought, frostbite, or frost, not only national but also international insurers should be involved for financial stability. The idea of "donor organizations" was introduced by Clemans. It is noteworthy that these "to be created" organizations should provide an additional source for infrastructure development and insurance program planning.
From an informational standpoint, it can be stated that these and all other studies in our country's agriculture sector served as the foundation for the functioning of the insurance system that was to be implemented and the selection of general instruments.
Research Methodology. The main prerequisite for solving or discovering solutions to problems encountered or emerging in the agricultural sector are precisely defined goals and the tools available to achieve the result. In agriculture, there is a large "toolkit" available that allows you to manage or, to some extent, minimize risks. Some techniques are more efficient than others, and each of them is designed to achieve different goals.
Certain elements of comparative analysis, statistical and synergistic methodology were used for the analysis of stable operation, efficiency, and other indicators of the insurance system in the field of Agriculture of the Republic of Armenia. The goal of using these methods is to get a better picture of the area being studied. One of the most important components of the analysis is the selection of research methods and methodology. Our research methodology is based on widely accepted principles of forming insurance relations in society. Studies are also based on statistical data; in this regard, studies of indicators and data from the agricultural insurance pilot program in the Republic of Armenia as well as the advancement of fundamental knowledge can be highlighted. Generally, in global practice, when developing a methodological algorithm for the construction of financial and insurance models of enterprises in the agrarian sector, first of all, the methodological approach is used, which takes into account the variety of financial and managerial processes, their interrelation to ensure effective insurance in the agrarian sector. To form a thorough reflection of the main conditions of the activity of our national agricultural insurance market, certain elements of induction and deduction methods were incorporated into the research process. We believe it is more beneficial to employ the mentioned techniques by choosing a combination of comparable options and their elements.
Analysis. Agriculture is one of the most important and powerful branches of the economy of the Republic of Armenia. According to the data of April 1, 2022, the rural population in the RA is 36.13% of the total population (about one million people). 10 It should be noted that compared to the previous year, this number almost remained the same.
That is the main reason why so much attention is paid to agriculture in the RA and every possible step is taken for its constant activity and development. Both climatic conditions and natural disasters hit agriculture hard, resulting in
10 https://armstat.am/am/?nid=80&id=2484
some losses. Losses occurring in crop and livestock sectors can be alleviated and necessary steps can be taken to avoid them completely.
It is particularly important that the main precondition for the reproduction of agriculture is the possibility of compensation in case of a loss, which is the insurance itself.
It is planned to set new milestones in the agricultural sector of the RA in the near future, in particular, to fully implement the insurance system of crops, as indicated in the five-year development program of the government.11
Attempts to reduce, prevent, and also insure risks in the agrarian field of the Republic of Armenia were carried out several times before 2019, and it can be said that they had a "short life". Although a pilot program of agricultural insurance was introduced in the RA in 2019, for the first time a crop insurance contract was signed only in January 2020.12 And why were there no such mechanisms before that, why was there no risk insurance, and what were the obstacles? When searching for answers to such questions, the following are the most important motivations and problems that prevented agroinsurance from stabilizing:
- The first thing to note is the lack of a legal framework
- "timidity" of insurance companies in the agricultural sector
- Insufficient state support
- uncertainty of weather data
- incompleteness or absence of accounting data
- lack of culture and knowledge in agricultural insurance.
One of the primary steps of introducing the pilot insurance program in the field of agriculture is legislative changes and regulations of the legal framework.13
A pilot program is being implemented in the field of agriculture in the RA, which is voluntary in its nature. That program is coordinated and the system is supported by the National Agency of Agricultural Insurers, which was created by the RA Central Bank.14
3 out of 6 insurance companies operating in the RA insurance market are members of AINA: Rosgostrakh Armenia ICJSC, Sil Insurance ICJSC and Ingo Armenia ICJSC. Within the framework of the insurance pilot program in the field of agriculture, apricots, grapes, peaches, apples, grains (including wheat, barley, and oats), plum, watermelon, and melon crops are insured. The farmer has a right to choose one of the offered coverages as the sum insured, which varies according to crops and irrigated gardens. It is noteworthy that the larger the amount of the insured sum chosen by the farmer, the larger the insurance premium and the maximum amount of compensation will be. Let us present some examples:
11 https://www.gov.am/files/docs/4685.pdf
12 Source' 17.12.2021 response to the letter numbered 06:01/03
13 Resolution of the RA Government on approving the state support program for the implementation of the pilot program for the introduction of the insurance system in the field of agriculture, dated October 24, 2019 N-1485L
14 https://aina.am/
As for insurance premiums, we should mention that it is partially subsidized by the state. In particular, the subsidy for the insurance premium for "Spring Frost" risk is 60%, and for "Hail" and "Fire" risks - 50%.
In the course of our studies, it became clear that there is no unique and separate method of calculating damages. The calculations are carried out with the operational data by the regional governor's office, with average harvests and averaged prices published by the National Statistical Service of this year. It should be noted here, that the estimates of crop damage in spring and autumn strongly differ from each other. And to understand that difference, examples are needed. For instance, in the field of plant breeding, calculations of 17 ha of land area and 40 tons of average crop losses according to SCA (Statistical Committee of Armenia) data were made as follows:
17 hectares * 40 tons of average harvest =680 tons
The amount of damage was estimated at 85%, and the average price of the damaged crop, according to SCA data, is 60 AMD. As a result, the crop damage was 34,680,000 AMD.
680 tons * 85% = 578 (tons of damaged crops) 578 tons * 60 AMD = 34 680 000 AMD
And in the other example, the damage caused by the autumn hail to the communities of regions was calculated at the amount of 50% of the presented data, because 50% of the yield was harvested. According to SCA, the average harvest of 25.416 hectares of land was calculated at 36.9 tons. The amount of damage was estimated at 70%, and the average price of the damaged crop, according to SCA data, is 150 AMD. As a result of calculations, the crop damage was 49,200,000 AMD.
25.416 ha * 36.9 tons of average harvest. = 937.9 tons
937.9 * 50% = 469 tons
469 * 70% = 328 tons of damaged harvest
328 tons * 150 AMD = 49,200,000 AMD
In the framework of the insurance pilot program in the field of agriculture, the compensation amount is the amount to be paid by the insurer to the policyholder in the event of an insured accident.
¡00% 90% 80% 70% 60% 50X 40% 30% 20% \0% nV _
Apricot, pnoch Cropis, upyÎÉii and a ranis ■-iuf ond finî
■ I00-. ■50n<
Figure 1. Amounts of indemnified damages according to the insured crop and
the type of risk 15
The insurance compensation is calculated differently both in the case of hail and fire and in the case of frost. For example, according to the assessment of an expert included in the pilot program of agriculture, peach orchards were damaged by hail to the extent of 50%. How is the compensation amount calculated? First of all, let us note that different insurance companies take the concept of risk zone as a basis when calculating the tariff. And in the given example, if the conditional tariff was calculated at 27,000 AMD, in this case, the policyholder will pay 13,500 AMD (50% is subsidized by the State). If the farmer has selected the coverage level at the maximum of 1 ha (100%), then the calculation will be done as follows: 1 300 000 * 100% = 1 300 000
15 https://aina.am/gyux-apahovagrutun/
1 300 000 - 1 300 000*10% = 1 170 000 AMD (a non-reimbursable amount of 10% is defined by the contract according to each plot of land)16
This example shows that the farmer pays 13,500 AMD and receives compensation of 1,170,000 AMD.
This simple and understandable example proves how great is the role of insurance in the field of agriculture and how efficiently it can serve farmers.
As we already mentioned, for the first time a crop or cultivars insurance contract was signed in 2020.
6000 5000 4000 3000 2000 ;ooo o
Figure 2. The number of contracts concluded on the insurance of agricultural crops (items)17
As we see, agricultural crop insurance contracts in 2021 were signed almost 3 times more than the previous year, and the growth trends continued this year as well. This proves the increasing interest of the villagers in the implementation of insurance in the agrarian sector. Thus, as of September 2021, 4345 contracts were signed for the insurance of agricultural crops. It should be noted, that 1515 cases were compensated and 318 081 thousand AMD was distributed to farmers. And in 2022, 5091 contracts have been signed and 1411 cases have been compensated.
31 12.2020 30 09.202; 31.03.2022
16 https://aina.am/gyux-apahovagrutun/
17 The source' answer to the letter N 06.01/03 of 17.12.2021, https://aina.am/
Figure 3. Gross accrued insurance premiums (thousand AMD)18
The indicators of the contracts signed for the insurance of agricultural crops prove that the gross accrued insurance premiums should have been increased several times compared to the previous year. The total accrued insurance premiums in 2021, in the period from the beginning of the year to May, amounted to 475,062 thousand AMD, and the gross accrued insurance premiums for the same period of 2022 amounted to approximately 795,690 thousand AMD.
Figure 4. Gross accrued insurance premiums according to insurance companies 30.04.2022 (thousand AMD)'9
As can be seen from the chart, the maximum insurance premiums were collected by Ingo Armenia at the beginning of the year. As we can see from the
18 The source' answer to the letter N 06.01/03 of 17.12.2021, https://aina.am/
19 https://aina.am/
next chart, the leader in the number of contracts is the Ingo Armenia company. It is noteworthy, that Ingo Armenia insurance company signed the largest number of contracts and the insurance premiums were largely collected on the apricot line.
Figure 5. The number of agricultural crop insurance contracts signed by insurance companies as of 04/30/2022 (item) 20
If we were to compare the data on the insurance benefits of the previous year and this year in our national agricultural insurance sector, it would be clear and understandable what large-scale works are carried out to make reforms in this sector.
Figure 6. Amount of compensation in 2021 and in 2022 In the third quarters
(thousand drams) 21
In particular, both in the third quarter of last year and in the same quarter of this year, the insurance allocations were high enough. Due to the signing of many contracts, the amount of compensation in the third quarter of this year even crossed the billion mark, exceeding the indicator of the same period of the previous year by almost five times.
20 https://aina.am/
21 https://aina.am/
According to analysis and received data, we can state that the absence of an insurance system in The Republic of Armenia's agricultural sector will lead to negative consequences, which in its turn can cause significant damage to our national economy.
Great results in the sphere of agricultural insurance, which tends to increase year over year, open new areas of interest not only among farmers but also among insurance companies.
As a result of research and analysis, we can conclude that in the Republic of Armenia agrarian sphere is ready for mass insurance.
We should accept, that there are some distinctive details of agrarian insurance, which are still in the phase of development, but we can surely mention, that the wheels are already turning and there only remains to firmly hold the steering wheel, leading the agrarian sector to a more stable and balanced development.
To sum it up, let us note that several experimental programs have been implemented in the field of agriculture in the Republic of Armenia. As a result of some obstacles or an undesirable arrangement of circumstances, trial programs for risk insurance of mitigation in our national agrarian sector have been doomed to failure. The agricultural insurance pilot program launched in 2019 can be considered new and promising. At the beginning of the program, there were some issues related to the epidemic situation, and last year - to the war. In general, the application of the much-awaited insurance model has set a new benchmark in the agricultural sector to make it more efficient and applicable in all aspects of agriculture.
Conclusions: The application of innovative methods in the economic system, the development of new tools, and the development of an efficient system are imperative on the way to creating a powerful and competitive country.
In the case of the most prominent areas of importance, these issues require urgent solutions. For example, our national agrarian sector, being one of the most important sectors in the economy, ranks among the sectors of economic activity with high risk, because it is constantly exposed to the influence of natural disasters.
Creating a stable and balanced agricultural model is considered one of the main prerequisites for the economic empowerment of the Republic of Armenia.
It is already a reality that there is an insurance system in the agricultural sector of the Republic of Armenia, and the results shown during the program are already encouraging.
Despite the epidemic situation and the consequences of the war, the agricultural insurance pilot program can be considered successful. The start of the insurance pilot program in the field of agriculture cannot be considered as impetuous for obvious reasons. Accordingly, despite the fact that the program was launched in 2019, a crop or harvest insurance contract was signed only in 2020, for the first time in our national agrarian sector. We can state that it was already a serious step on the way to creating and developing a stable agrarian sector.
And what are the outcomes of the agricultural pilot program? What conclusion do we reach after examining particular indicators from different phases of the pilot program? First of all, I would like to mention that crop damage calculations are not carried out based on a one-time approximate estimate. A determination of the product's value, an independent expert evaluation of the damage done to the insured crops as a result of the risks indicated in the contract, and an insurance indemnity are all completed throughout the pilot program's implementation in the case of any product insurance.
According to analysis and received data, we can state that the interest of farmers in agricultural insurance is increasing year by year. Based on our presented analysis, we come to the conclusion that especially in the recent period, more insurance contracts are signed in the agricultural sector and therefore the compensation volumes are also increasing.
As a result of research and analysis, I can infer and present some important recommendations from my point of view.
- Perhaps it is not a secret that the agricultural farms in the RA have limited financial resources. Even the government-subsidized insurance policies offered can often be impossible for farmers to obtain. To ensure the inclusion of the insurance pilot program in the field of agriculture of financially weak farms, I suggest discount systems that can be planned in a way to ensure the joint participation of farms.
- Recently, the number of support programs for smart livestock farms, as well as the wishes of the beneficiaries, have gained a lot of momentum. In this context, it is most appropriate and quite easy to promote the development of pet insurance programs. In addition, it should be noted that since June 2020, a program for numbering and registration of cattle has been operating in the Republic of Armenia. And this can be an additional incentive to develop and launch effective mechanisms and offer a completely new agricultural insurance model in the agrarian sector of our republic. Besides this there is a pet insurance product in Armenia, that is not yet complete.22
- The pilot program of agricultural insurance, which is currently underway, presents itself to farmers with an insufficient information base in this time of widespread information access. The use of advertising tools, and the presentation of transparent data can increase both interest and confidence among farmers.
Summarizing, we can mention that under the current conditions, the agricultural risk insurance pilot program with state support is operating quite successfully in the RA. From the created situation "sweet fruits" are reaped by businessmen, insurance providers, and most importantly, the state. To make agricultural insurance more inclusive, effective steps are needed in the processes of assimilation, establishment, and development of agricultural insurance culture with the Armenian reality.
22 https://ingoarmenia.am/uploads/2021/09/04.11%E2%80%A441-Pet-Insurance-Rules-17%E2%80%A403.21-arm-1.0.pdf
In general, we can say that our national agricultural sector is ready for widespread insurance, which seemed like a dream a few years ago. As a result of our study, we came to the conclusion that the agricultural insurance pilot program has brought fertility to our agrarian sector, and most importantly, it should be continuous, with a great desire and expectation to reap new fruits.
References
1. Kirakosyan K., "Organization of mutual insurance of agricultural animals", Yerevan, 2007.
2. The decision of the Government of the Republic of Armenia on approving the state support program for the implementation of the pilot program for the introduction of the insurance system in the field of agriculture, 24 october 2019 N-1485 L
3. The source' answer to the letter N 06.01/03 of 17.12.2021
4. https://aina.am/
5. https://aina.am/gyux-apahovagrutun/
6. https://www.farm-europe.eu/travaux/how-to-tackle-price-and-income-volatility-for-farmers-an-overview-of-international-agricultural-policies-and-instruments/
7. https://www.chikyu.ac.jp/resilience/files/ReportFY2008/ResiliencePr oject_Report2009_16.pdf
8. https://openknowledge.worldbank.org/bitstream/handle/10986/2688 9/662740NWP0Box30or0Ag020110final0web. pdf?sequence=1 &isAll owed=y
9. https://www.mapa.gob.es/es/enesa/publicaciones/40anosenesa_ingle s_tcm30-513821.pdf
10. https://www.mapa.gob.es/es/enesa/publicaciones/40anosenesa_ingle s_tcm30-513821.pdf
11. https://www.cbr.ru/Content/Document/File/50680/Consultation_Pap er_171212.pdf
12. http://www.nature-ic.am/Content/announcements/7154/Needs-Assessment_ARM.pdf
13. https://armstat.am/file/article/sv_12_20a_520.pdf
14. https://www.gov.am/files/docs/4685.pdf
15. https://armstat.am/am/?nid=81&id=2407
16. https://www.armstat.am/am/?nid=12&id=01510
17. https://aina.am/gyux-apahovagrutun/
18. https://mineconomy.am/news/2058
19. https://ingoarmenia.am/uploads/2021/09/04.11%E2%80%A441-Pet-Insurance-Rules-17%E2%80%A403.21-arm-1.0.pdf
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DOI: 10.52174/1829-0280_2022.5-30
НЕРСЕС НЕРСИСЯН
Аспирант кафедры банковского дела и страхования АГЭУ
«Фертильность» страхования сельскохозяйственных рисков в Армении.- Чтобы обеспечить устойчивое и сбалансированное развитие аграрного сектора, необходимо эффективно управлять рисками в сфере сельского хозяйства, что создаст благодатную почву для дальнейшего развития системы страхования.
Текущие проблемы в аграрном секторе, зависимость от стихийных бедствий и другие факторы, препятствующие устойчивому развитию сельского хозяйства, вынуждают нас разрабатывать модели, которые станут основой развития этого сектора.
Международные исследования показывают, что одним из наиболее эффективных инструментов обеспечения стабильности и дальнейшего развития аграрного сектора является страхование. Основным условием развития воспроизводства в сельском хозяйстве является возможность возмещения потерь, что можно обеспечить с помощью внедрения системы страхования.
В статье всесторонне представлена новая ситуация, сложившаяся в результате реализации пилотных программ страхования сельскохозяйственных рисков в Республике Армения, их эффективность, первые результаты.
Каковы результаты страхования сельскохозяйственных рисков в Республике Армения? Как может измениться текущая ситуация в сфере сельского хозяйства? Какие шаги следует предпринять, чтобы установить новые ориентиры развития?
Ответы на эти и другие не менее важные вопросы можно найти, внимательно прочитав статью.
Ключевые слова: сельскохозяйственное страхование, пилотная программа, стабильность, сельскохозяйственные культуры, страховая премия в22, 014
РО!: 10.52174/1829-0280_2022.5-30
