Poultry insurance now subsidized by the state
Poultry insurance is now available in the agricultural sector. Earlier there were six government-subsidized insurance types in animal husbandry.
The insurance is provided by the Fund for Financial Support of Agriculture, a subsidiary of Baiterek Holding.
In order to cover production costs, make a profit, and not suffer losses, poultry breeders need their birds to be insured. Therefore, this insurance type is expected to be in demand.
The new insurance type covers all kinds of risks and is similar to the insurance of cattle, small cattle, and horses. Moreover, it has a relatively low cost.
Bird insurance plans cover risks against slaughter, theft, death from disease, fire, accidents, and natural disasters.
Poultry of 30+ birds is subject to insurance. Depending on the number of livestock, there are different tariffs – from 2.31% to 2.77%.
Since poultry insurance is approved by the Fund for Financial Support of Agriculture, the government will subsidize insurance premiums. It is aimed at stimulating agricultural manufacturers and reducing the cost of the insurance contract by half by subsidizing 50% of the insurance premium.
Only insurance companies licensed by the Agency of the Republic of Kazakhstan for the Regulation and Development of Financial Markets will be able to work with the new insurance type. Risks will be reinsured in an A-rated international reinsurance company. This will guarantee payments in case of insurable event.
All procedures, starting from the conclusion of the contract and ending with payments, are done on the Qoldau.kz website (where the Agroinsurance information service is located) using the electronic digital signature of an agricultural manufacturer.