The insurance premium for state-supported agricultural insurances has increased by 5.5%

The Turkish Statistical Institute (TÜİK) shared the 2023 data on State-Supported Agricultural Insurances. The total insurance premium for state-supported agricultural insurances saw an annual increase of 115.5% in 2023, reaching 638,338,316,701 TL. The branch with the highest annual increase was aquaculture life insurance, with a rate of 283.8%. The total number of policies in state-supported agricultural insurances increased by 0.3% annually, totaling 3,086,697 policies.

The total state support premium amount increased by 91.7%, reaching 9,244,510,895 TL, while the total premium amount increased by 92.6%, totaling 17,349,600,284 TL. The insured area (including greenhouses) decreased by 4.4% in 2023, amounting to 33,372,370 decares. The number of insured cattle and small livestock increased by 42.9% and 0.2%, respectively.

The total amount paid for damages increased by 109.6%. When examined by branches, crop products ranked first with a total payout of 5,076,169,657 TL, followed by livestock life insurance with a payout of 1,505,720,636 TL. When examined by causes, frost damage took the first place with a payout of 2,378,149,573 TL.