Development of agricultural insurance in Russia

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1 Development of agricultural insurance in Russia International Conference Managing risks and crises in agricultural insurance 15th, 16th and 17th of March 2010 Liudmila Kosholkina Director of the Department of Economy and Finances Madrid 2010

2 Agriculture in the Russian Federation Russian agriculture and food industry: produce around 8.5% of GDP - 4.4% corresponds to agriculture - Agriculture employs 7.1 million people (10.6% of the active population) Russia has great potential for agriculture: 8.9% of the world s cultivated land 2.6% of the world s pastures - 20% of the world s freshwater reserves - 8.3% of world production of fertilisers Strategic objective: Increase Russia s share of world agricultural production (around 5% of world milk production, 3% of cereals and grain, 2% of meat correspond to Russia nowadays) - Russian agriculture demonstrates stable development, also in crisis conditions. The volume of agricultural production grew by 101.2% in 2009 (compared to 2008). The harvest of cereals reached 93 million tonnes, exceeding the year on year average over the last 10 years. Russia was the world s third largest wheat exporter (export potential - 20 million tonnes) 2

3 Degree of risks of dangerous natural phenomena in Russia s Federal Districts North-Western FD Far Eastern FD 4.2 Urals FD 7.0 Central FD 7.3 Volga FD 5.2 Siberian FD Southern FD Degree of risk on a 10-point scale Low Medium High (< 6.0) ( ) (> 8.0) 3

4 Evolution of agricultural insurance in Russia until 1990 Operation of the compulsory state insurance system for harvest, animals and collective farm assets which covered the whole country from 1991 onwards The compulsory insurance is cancelled. According to the 1992 Law On organisation of insurance in the Russian Federation, voluntary agricultural risk insurance is introduced from 1993 onwards The State began to encourage agricultural producers to take out voluntary insurance for harvests through the mechanism of subsidy for part of the premium 2003 Together with the Russian Agriculture Ministry, the Federal Agency for State Support for Agricultural Insurance (AFAESA) was created, with the task of contributing to the development of agricultural insurance, which is also subsidised 4

5 Current legal regulations on agricultural insurance in Russia Article 12 of the 2006 Federal Law On development of agriculture : - The insurance covers risks of loss (total loss) or partial loss of the harvest of crops (grains, oil seeds, technical, fodder, melons, water melons, potatoes, pulses), harvest and sowing of perennial plants (grapevines, fruit trees, berries, walnuts, hop and tea plantations) as a result of dangerous natural phenomena (drought, frosts, hail, excess soil moisture, heavy rains and strong winds) - The insurance contract is taken out before crop sowing is completed - The amount insured is equivalent to the insured capital - With the state budget subsidy, the agricultural producer is compensated for no less than 50% of the premium paid for the insurance contract. The regional budgets contribute no less than 10% of this subsidy The provisions of the Russian Agriculture Ministry (of 2009) approve: - Method of calculation of the insured capital, volume of loss (partial or total) of the harvest, premium fees The Government of Russia (provision of 31/12/2009) establishes: - Regulations for obtaining and distributing the federal subsidy for regional budgets (of the Subjects of the Federation) to compensate for part of the premium paid for the insurance contracts for harvest of perennial crops and plants

6 Conception of the development of agricultural insurance with state support in Russia up to 2020 Main objective - To achieve around the year 2020 the operation of an effective system of agricultural insurance with state support, capable of offering the majority of agricultural producers affordable insurance products, and full protection against the main risks in agricultural production, including income insurance. Tasks to be carried out: - Accessibility measures for agricultural insurance for agricultural producers - Design of the insurance products with coverage for animals and fish farming - Creation of a state reinsurance capacity - Creation of an autonomous grouping of agricultural insurers - Drawing up of a unified methodology of agricultural insurance - Creation of a system of independent assessment of damage caused by accidents 6

7 Organisational chart of the operation of the system of agricultural insurance with state support in Russia in 2009 Federal subsidy Federal subsidy + Regional subsidy = No less than 50% Federation subjects (regions) Ministry of Agriculture AFAESA Private insurance companies Agricultural insurance policies Premium paid 100% Agricultural producers (insured) Federation subjects (regions) Balance of budget expenses Verification of insurance and subsidy conditions 7

8 Premiums and claims for Russian agricultural insurance in (Mill. RUB) Premium paid 8,800 Mill. RUB (212 Mill. EUR) Ratio claims/premiums (%) 61-66% 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 66% 67% 6,399 3,525 4,311 2,318 5,814 7,728 57% 54% 4,146 3,338 8,795 80% 70% 61% 60% 5,326 50% 40% 30% 20% 10% 0 0% Premium paid Compensation % Claims/premiums 8

9 Cultivated area insured Ratio insured area/ total cultivated area (%) in (million hectares) Insured area in million hectares 25% % % 24.4% 30% 25% % 20% % 15% Indicator of the State Programme for 2012: 10% % of the insured area for % 40% Total cultivated area Insured area % insured area/total cultivated area 9

10 Farms, Subjects of the Russian Federation and insurance companies which took part in agricultural insurance in Farms Subjects of the Federation Insurance companies 10

11 Market shares for Russian agricultural insurance in 2008 Premium in 2008 for subsidised agricultural insurance in 2008 (%, Mill. RUB) 3,615 (41%) 2,258 (26%) 2,904 (33%) National Union of Agricultural Insurers (UNAA) "Agropromstrakh" Association Independent insurance companies 11

12 Contracting of agricultural insurance with state support in 2008 in the Federal Districts of Russia of a total of 8,256 insurance contracts: Far Eastern FD 375 (5%) Central FD 451 (5%) North Western FD 162 (2%) Southern FD 1,234 (15%) Siberian FD 4,083 (49%) Urals FD 48 (1%) Volga FD 1,903 (23%) 12

13 Evolution of the subsidy in (Mill. RUB) The state programme for the development of agriculture until 2012 provides for a contribution of budgetary resources of 26,600 Mill. RUB (613 Mill. EUR) for the subsidy 4, ,000 3,500 3, , ,000 1, , Subsidy from budgets of the (regional) Subjects of the Federation, Mill. RUB Subsidy from the federal budget, Mill. RUB 13

14 Modernisation of the agricultural insurance system in Russia - The problem of modernising agricultural insurance is the current task of the Russian Ministry of Agriculture. -Today s Russian agricultural insurance rests on an insufficient legal basis (there is a need for a special law on agricultural insurance); there is no clear establishment of regulations and working practice between the State, private insurance companies and agricultural producers in the framework of a legally defined risk management model. - In conditions in Russia, further development of agricultural insurance is impossible without an active and regulatory role of the State. - Modernisation of agricultural insurance in Russia must rest on its own traditions and experience, taking into account the specific nature of national agriculture and the natural and climate conditions. - At the same time, there is a need to use and analyse the advanced international experience in agricultural insurance. - Since 2005, the Russian Ministry of Agriculture and AFAESA have been carrying out work to find out the way agricultural insurance systems work in the European Union (Spain, Italy, France, other countries), Canada and the USA. - In there was a productive exchange of experiences in seminars organised in Madrid, Moscow, Ottawa (Canada) and in international conferences organised in Moscow and Siberia (Altai). - As a result of that work, the representatives of state organisations, insurance companies and Russian scientific institutions reached a conclusion on the possibility and suitability of using in Russian conditions the basic elements of the Spanish model of combined agricultural insurance agroseguro, based on principles of public/private cooperation Signing of the Joint Declaration on cooperation between the Russian and Spanish Ministries of Agriculture (between AFAESA and ENESA) in the sphere of agricultural insurance with state support. 14

15 Preparation of the Law on agricultural insurance in Russia In 2009, the Russian Agriculture Ministry, together with the deputies in the State Duma (Parliament) prepared the draft Federal Law On Agricultural Insurance with State Support - Currently, the draft Law is being processed for presentation in the Duma for the purposes of first reading and legislative debate - The draft Law establishes the legal framework for agricultural insurance with state support; it extends the list of items covered by agricultural insurance, extending coverage for animals (including birds), bees and fish - The coordinating role of the public sector is strengthened - Insurance will be provided by a pool of insurance companies managed by the Grouping of United Insurance Companies - There is provision for the creation of a Fund for insuring catastrophic risks, and a Fund for protecting the system against catastrophic damage in natural emergency situations -Practical measures will be taken to develop an independent system for assessment and valuation of damage caused by accidents (the system is being created by AFAESA) - The annual Plan for agricultural insurance with state support is becoming an important instrument of State policy in the process of modernising risk management in agriculture 15

16 THANK YOU FOR YOUR ATTENTION!

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