The National Bank of Ukraine has eased the conditions for insurance of agricultural products with state support

The National Bank of Ukraine (NBU) has taken a number of measures to improve the conditions for insurance of agricultural products with state support. These changes are aimed at supporting agricultural producers and promoting the development of agricultural insurance, which is an important tool for protecting against risks in agriculture.

The NBU press service reported on the updated provisions. The new rules allow insurers engaged in agricultural insurance with state support to work under simplified requirements, which will increase the availability of such services for farmers.

In addition, the provisions contain detailed requirements for insurers planning to provide services in the field of agricultural insurance. They concern the formation of technical reserves, maintaining personalized accounting of insurance contracts and compliance with general requirements specified in the regulatory legal acts of the National Bank.

The changes were approved by Resolution of the NBU Board No. 150 dated December 18, 2024. The resolution comes into force on December 21, 2024, giving insurers the necessary time to adapt to the new conditions.

The updated requirements are also aimed at increasing the transparency and efficiency of insurers in the field of agricultural insurance. This will provide farmers with more reliable financial protection against weather and other risks, contribute to the stability of their activities and the development of the industry as a whole.

The decision of the National Bank is another step in supporting the Ukrainian agricultural sector, which remains an important segment of the country's economy. Improving the conditions for agricultural insurance creates the prerequisites for the implementation of new solutions and stimulates the trust of agricultural producers in financial protection instruments.