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Financial Security for Farmers During Wartime: Meeting with the Agriculture Minister
Agriculture remains one of the main drivers of Ukraine's economy. Last year, it accounted for as much as 62% of Ukrainian exports.
But the war creates enormous risks for farmers, especially those working close to the front line. Harvests, grain elevators, processing facilities, farm equipment, and port infrastructure all face constant threat from strikes. War-risk insurance for farmers is a tool that can meaningfully strengthen the financial security of Ukrainian farmers — the people on whom the stability of Ukraine's economy depends.
War-risk insurance for farmers was exactly what was discussed at a meeting between representatives of Ukraine's leading insurers and Minister of Agrarian Policy and Food Vitalii Koval.
Our Deputy Chairman of the Board for Underwriting and Reinsurance, Antonina Yakovenko, took part in the meeting.
What was discussed:
- The possibility of lowering insurance rates for war-risk coverage
- Easing territorial coverage restrictions — currently set at 100 km from the front line
- Reinsuring war risks through the Agricultural Credit Guarantee Fund
- Farmers' adherence to ESG principles (environmental protection, corporate governance quality, and social impact) as a criterion for receiving insurance coverage
During the meeting, Antonina confirmed our company's readiness to work toward solutions acceptable to all stakeholders in this process — farmers, insurers, and the state.
The importance of the agricultural sector to Ukraine during the full-scale invasion keeps growing — it provides jobs for Ukrainian farmers, brings foreign currency into the country, and supports food security not just for Ukraine, but for many other nations as well. We're ready to take part in protecting Ukraine's farmers.
