Financing of the program of state support for agroinsurance, which means providing funds from the state budget to agricultural producers in the form of reimbursement of up to 60% of the cost of insurance policies, has been allocated at the level of UAH 240 million (~EUR 7.58 million), Forinshurer said.

Agroinsurance with state support in Ukraine may start working in November-December 2021. According to the adopted law "On Amendments to the Tax Code of Ukraine regarding improvement of the regulation of agroinsurance with state support", state support of the agro-industrial complex in 2021 is an attempt of the state to properly set up the mechanism of state support for agricultural producers, the agricultural committee of the Verkhovna Rada of Ukraine noted.

Under the new law on insurance of agricultural products, insurers must have an appropriate license (to insure agricultural products), meet the requirements of the Law "On Insurance" and additional requirements of the National Bank of Ukraine (have appropriate experience, transparent ownership structure, be solvent, comply with mandatory standards).