NORTH MACEDONIA: MIA: only 5% of registered agricultural businesses use insurance

According to the information of MIA (Media Information Agency), trust in insurance is the lowest among farmers, which means that interest in buying insurance policies among agricultural producers in the country is at a very low level – out of over 90,000 registered agricultural holdings, less than 5% insure their production, osigurajse.net wrote.

According to Gjorge VOJNOVIC, Director of Triglav, such low interest is influenced by several factors – perception that insurance is a service they cannot afford, unprofitable production, old plantations, fewer workers in the sector, lack of trust in insurance, previous experience of dealing with problems in the segment, especially in cases of natural disasters and accidents. “In these situations, farmers rely mainly on state support and assistance, which contributes to creating a completely wrong perception that they do not need insurance”, he said. He explained that even though farmers are aware of the vulnerability of this sector, as well as that insurance premium is subsidized 60% by the state, their interest in insurance is still low. He agreed that lack of information is also an important factor.

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