Rural insurance registers 217 thousand policies contracted in 2021

Rural insurance registers 217 thousand policies contracted in 2021

The Ministry of Agriculture, Livestock and Supply released this Monday (18) the report with the consolidated result of the implementation of the Rural Insurance Premium Subsidy Program (PSR) in 2021. In all, R$ 1.18 billion were invested in subsidy to the rural insurance premium, enabling the contracting of 217,934 policies during the last year. These policies were contracted by rural producers in all regions of the country and totaled approximately 14 million hectares insured. The total amount insured represented the amount of R$ 68.3 billion, informed the ministry.Rural insurance registers 217 thousand policies contracted in 2021

“Considering the successive climate problems observed in recent years, which are increasingly severe, rural producers should not plant without insurance protection and the recommendations of the Agricultural Zoning of Climate Risk. In the first two months of 2022 alone, insurance companies have already paid producers approximately R$ 4.5 billion in indemnities, mainly resulting from the losses observed in soybean and summer corn crops in the central-south region. This demonstrates the importance and effectiveness of insurance”, said the director of the Ministry’s Risk Management Department, Pedro Loyola. In 2021, the total amount paid in indemnities by insurers to producers was R$5.4 billion.

THE report released by the Ministry of Agriculture provides detailed information on the implementation of the PSR last year, highlighting the main activities. For 2022, an initial budget of R$ 990 million is planned for the program.

how to hire

The producer who is interested in taking out rural insurance should look for a broker or a financial institution that sells a rural insurance policy. Currently, in Brazil, there are about 16 insurance companies qualified to operate in the PSR. Rural insurance is intended for producers, individuals or legal entities, regardless of access to rural credit.

The economic subsidy granted by the Ministry of Agriculture can be claimed by any individual or legal entity that cultivates or produces species covered by the program.

As of 2022, the premium subsidy percentage will be fixed at 40% for all crops and activities, except for soybeans, whose percentage remains fixed at 20%. The rule applies to any type of product and coverage, according to the program rules.

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