In 2024, Ingo Insurance Company (Kyiv) paid a record UAH 231 million in insurance indemnities to 97% of farmers participating in the MeteoZahyst program from the representative office of the leading agrochemical company Syngenta Ukraine due to the extremely dry and hot season, the company’s press service reports.
According to the report, this figure is 10 times higher than the indemnity in the 2023 season and the highest compensation rate for the entire period of the program’s operation since 2016.
The insurance company noted that climate change continues to pose significant challenges for agriculture, as evidenced by crop damage caused by severe drought and heat in Ukrainian farms in the 2024 season. The implemented index insurance program from Syngenta in partnership with Ingo allowed 349 farms to partially reduce losses from adverse weather conditions.
“This season, MeteoZahyst’s coverage has expanded by 88% to 502,000 hectares. Due to unfavorable weather conditions, the amount of compensation increased 10 times, and the average level of compensation amounted to 52%. We support Ukrainian farmers, even in the frontline areas, with agro-technological innovations, services and unique financial products. When purchasing Syngenta products, each customer has the opportunity to apply for participation in our insurance program free of charge,” said Roman Khrypko, Head of Financial Programs and Insurance Solutions at Syngenta.
The company noted that the main crops covered by insurance payments in the 2024 season were corn and sunflower with a total area of 335 thousand hectares and a compensation amount of UAH 225 million. Agricultural producers have insured sunflower and corn crops in 1039 applications, including 1033 applications with 99% indemnification and 386 with 100% indemnification.
According to Khrypko, almost 50% of the total compensation amount was paid to farms in Kharkiv, Luhansk, Zaporizhzhia, Dnipro, Kherson and Mykolaiv regions.
“Thanks to our cooperation with Syngenta and the use of advanced index-based insurance methods, we are able to clearly record risks such as drought and provide farmers with effective tools to minimize losses. Losses are automatically triggered when weather indices exceed predefined thresholds. Therefore, farmers receive insurance compensation faster than in the case of conventional loss settlement,” said Ruslan Zymovets, Head of Agricultural Insurance at Ingo.
“In the 2024 season, MeteoZahyst offered insurance for sunflower, grain, corn and rapeseed crops against three weather risks: drought, heat and rain. The key period of the program’s operation is the flowering and grain filling phases.
Currently, the program authors are finalizing the terms of MeteoProtection 2025 to further support farmers.
Syngenta AG (Syngenta) is a Swiss company, one of the leaders in the production of plant protection products and seeds. The company was formed in November 2000 as a result of the merger of the agricultural divisions of Novartis AG and AstraZeneca Plc.
The company is headquartered in Basel, Switzerland. More than 28 thousand employees of the company work in 90 countries.
Ingo has almost 30 years of experience in the market. Since 2017, the main shareholder of the company is the Ukrainian business group DCH. The company is one of the largest insurance organizations in Ukraine in terms of premiums, own assets and insurance claims.
It holds 29 licenses for various types of compulsory and voluntary insurance and provides insurance services to corporate and retail clients.
“Ingo is a full member of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU), a member of the American Chamber of Commerce (ACC), the European Business Association (EBA), the National Association of Insurers of Ukraine (NAIU) and the International Chamber of Commerce (ICC). On September 21, 2023, the rating agency IBI-rating confirmed the long-term credit rating of JSC IC “Ingo” on the national rating scale at uaAA.
