The state will support insurance against losses caused by drought

On Tuesday, June 18, the government approved regulations prepared by the Ministry of Agriculture regarding the procedure for granting state aid to insurers to compensate for losses caused by drought.

The new rules will allow farmers to insure crops against drought, thus reducing the consequences of potential losses caused by adverse climatic conditions and increasing the ability to meet obligations.

The developed regulations provide for the procedure by which state support will be granted to the insurer to compensate for the compensation paid for losses caused by drought to crop areas, as well as the criteria for granting support and the amount of support.

Rules “Procedure for granting state aid to an insurer for compensating for damages caused by drought” shall enter into force upon their publication in the Official Gazette "Latvian Gazette".

Source: Ministry of Agriculture