Agrarian Insurance Bureau established in Ukraine
2011-02-02 17:48:58
A number of insurance companies providing insurance services in agricultural risks, on February 1 established the Agrarian Insurance Bureau, the League of Insurance Organizations of Ukraine (LIOU) said in a statement.
Participating in the constituent assembly were representatives of 15 insurance companies of Ukraine.
The LIOU said the constituent assembly was preceded by a lengthy process of developing common positions, even in the summer of 2010 representatives of three associations of insurers - LIOU, Insurance Business and Ukrainian Federation of Insurance - appealed to the International Finance Corporation (IFC) Ukraine Agri-Insurance Development Project asking to coordinate the process of creating the bureau.
The statement says that the insurance companies set up the new agency to join efforts to develop new and better insurance products to meet the needs of farmers, create a unified database, which will set insurance rates based on actuarial calculations, provide training for professionals of insurance companies and ensure the compliance with standards of behavior in the agricultural insurance market.