On November 25, 2016, the Ministry of Agriculture and selected Georgian insurance companies attended a roundtable discussion hosted by the PAFAI (Promoting Access to Finance and Agri Insurance) project. The meeting was organized by Business & Finance Consulting (BFC) within the framework of the Swiss Cooperation Office (SCO)-funded PAFAI project.
During the meeting, government representatives introduced a strategy for agricultural insurance to the non-governmental sector. Recommendations on how to further increase the number of farmers who benefit from insuring their crops against hail and other weather risks were given by Dr. Erich Kasten, managing director of Agriculture Reinsurance Consultants. During his keynote presentation, Dr. Kasten also shared valuable international experience relevant for developing a viable, long-term agricultural insurance system in Georgia.
Insurance companies and non-governmental organizations actively participated during the meeting which saw parties discuss future plans for and development of the agriculture insurance industry in the country.
The presentation was followed by an active discussion among participants, underlining the importance of the topics presented as well as the high commitment of all stakeholders to further develop insurance as an important contribution to long-term agricultural growth in Georgia. The insights gained from the roundtable discussion will be used further for the elaboration of a long-term development plan.
The key stakeholders participating in the roundtable included, among others: Giorgi Chkheidze—Deputy Minister of Agriculture; Mariana Morgoshia—director of APMA (Agriculture Projects Management Agency); Devi Khechinashvili—director of the Georgian Insurance Association; Olivier Burki—regional director of the Swiss Agency for Development and Cooperation; representatives from three insurance companies: Aldagi, GPI Holding and Ardi. Representatives from Agroseguro, the Spanish agricultural insurance pool and a strategic partner of PAFAI, also participated via video conference.
PAFAI was launched by the Swiss Cooperation Office for the South Caucasus in May 2015. The 22-month project has two key objectives: support the further development of agricultural insurance and improve access of the agricultural sector to finance. BFC is a Zurich-based consulting firm specialized in financial sector development across Eurasia, Asia, MENA and Africa. BFC has been active in Georgia since 2003.
For additional information please contact BFC.