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Agricultural risk insurance with State support: problems and solutions
Available online: 3 November 2014 Subject Heading: Insurance JEL Classification: Pages: 54-60
The article underlines that agriculture development is an integral component of the State economic integrity. At the present time, the goods produced by agro-industrial complex amount to 70% of consumption of the Russian population. For example, the Krasnodar Krai stands and keeps on standing as the leader in this sector of the national economy. The agrarian market of the region delivers 80% of rice, and more than 10% of wheat, etc. The authors emphasize that the main objective of the federal and regional authorities in this segment of the market is to maintain the stable development of agricultural enterprises for providing the economic security of the country, in general, and regions, in particular. The minimization of economic risks and optimization of financial stability of economic subjects of agrarian and industrial complex are the most important directions in achieving of economic security of the country. Institution of insurance is one of the effective tools of solution of this problem. The paper focuses attention that the State still takes an active part in the domestic insurance market development in the Russian Federation. This impact is expressed in giving to some insurance products of the status of obligatory product (the CMTPL, obligatory insurance of responsibility for infliction of harm at hazardous production facility operation, etc.), subsidizing of an insurer for expenses incurred at the conclusion of insurance contract. In the latter case, an approach applied in modern conditions is not always effective (for example, in case of agricultural risks insurance). The paper comes to a conclusion about the need of establishment of agricultural risks insurance as an abiding procedure. Without this kind of insurance protection, the regional power authorities are not able to guarantee that an agricultural enterprise, which receives subsidies for several years, would not be ruined. The authors disclose the problems of the subsidizing system of agribusiness enterprises, and they propose a new vision of its optimization. Keywords: insurance, subsidies, crop yield, insurance culture, agricultural insurance References:
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ISSN 2311-8709 (Online)
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