RA Minister of Agriculture Ignati Arakelyan met with representatives of insurance companies to discuss issues related to the launch of the agricultural insurance pilot project.

As reported by the Information and Public Relations Department of the RA Ministry of Agriculture, Deputy Minister of Agriculture Armen Harutyunyan, officials of the Central Bank and KfW Bank and other officials were present at the meeting.

Ignaty Arakelyan informed that in order to reduce the risk, now with the Ministry of Emergency Situations a pilot project on the anti-hail missile system is being implemented as well as interest rate subsidizing program for hail-safe networks since 2018.

According to RA Deputy Minister of Agriculture Armen Harutyunyan, at present the priority task is the introduction of the damage assessment institute, the formation of the Narma Bureau, which will be the tool that will assess the damage caused by natural disasters, the Bureau will deal with the development of insurance policies. The Deputy Minister attached importance to the opinion and suggestions of insurance companies in the implementation of works at this stage more effectively.

Responsible officials noted that during the pilot project a grant of 5 million euros by KfW and co-funding from the state budget will be provided, which would be directed to subsidizing insurance payments as today's villagers are not ready to fully cover their expenses.

The Central Bank officials have proposed to form a "Narma" Bureau from participating insurance companies and their investments by applying the OSAGO success. They also said that next week they are planning to start meetings with representatives of agricultural insurance companies and international experts.

The participants of the meeting agreed that it is necessary to carry out the preparatory work as quickly as possible, so that it will be possible to sell insurance policies since 2019.

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