A team of experts from the Association «Ukrainian Agribusiness Club» conducted a survey of agricultural enterprises in order to explore the insurance market within the UCAB Metrics 2018 study.
According to the results of the survey it can be concluded that the majority of agrarians in the course of their activities do not use the service of insurance of crops and yields - since only 15% of surveyed agricultural enterprises use this kind of insurance. At the same time, 85% of respondents do not use insurance services at all. Only 73% of 15% farmers who use insurance services provided information on the share of covered losses. The respondents said that, depending on the type, the insurance cover from 20% to 60% of the losses when an insured event occurs.
Regarding insurance of agricultural machinery - 33% of interviewed agrarians said that they use insurance of agricultural machinery, the rest does not use this service of insurance companies. It should be noted that out of 33% of the agrarians who use insurance services only 49% provided information on the percentage of insured equipment, 29% of agrarians ensure on 100% the available agricultural machinery, 11% insure more than half of the available equipment - 65-80%, the remaining 11% of interviewee said that they insure 50% of the available equipment. The remaining 49% of the respondents partially use insurance of machinery at agricultural enterprise - from 40 to 2%.
It can be concluded that currently the insurance services among agrarians are only gaining in popularity and the rapid growth of this market is expected in the short-term perspective. The results of the survey indicate that agrarians are insuring only new agricultural machinery, which helps them to minimize the risk of malfunction or theft.