Russian fish farmers getting extra protection through subsidized insurance

December 13, 2020 00:14

In 2020 Russian fish farmers have been able to get relief under the extra protection through subsidized insurance extended to aquaculture as of 1st January 2019, reports

According to the National Union of Agricultural Insurers (NSA), since the beginning of 2020 and until November 24, insurance payments by NSA companies to the country's farms under agricultural risk insurance contracts exceeded RUR 1.9 billion (ca. $ 26 million) while RUR229 million (ca. $3.1 million) were paid to a trout farm.

More specifically, several hundred thousand rainbow trout perished at “the Russian sea – Aquaculture” company's facility in Karelia as a result of the formation of intra-water ice in the reservoir's water area.

Since the farm was insured, JSC IC RSHB-Insurance promptly settled the loss by paying insurance compensation in the amount of 229 million rubles.

According to the law, the insurance payment in the agricultural insurance contract has been set from at least 80% of the insured value of commercial aquaculture objects.

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