LOSS OF INCOME AS INSURED RISK IN CROP AND FRUIT INSURANCE IN SERBIA
Keywords:insurance of crops, loss of income as insured risk, index insurance
Agricultural production is an economic activity that is most exposed to weather risks. Protection of such property is of primary concern both for agricultural producer and for society. Insurance as a method of managing risk in agricultural production, with its basic role in protection of property and persons, has an extremely important and developmental role. The insurance of crop and fruits so far was related to coverage of loss caused by reducing the yield of certain crop from individually insured risk. Insurance against the risk of loss of income provides cover not only in case of a decrease in yield resulting from the insured risks, but also coverage for changing the price of the insured crop from the moment the insurance is concluded until the harvest.
Insurance of crops and fruits from the risk of loss of income exists in Serbia since 2014 and is experimentally carried out by only one insurer. Only crops of mercantile wheat and mercantile maize can be covered by the insurance. Hail, fire and thunderstorm, storm, drought and falling crop prices can be considered a secured risk of losing the revenue. The mentioned insurance is a combination of traditional and index insurance. A possible model of insurance of crops and fruits in Serbia is insurance based on an index of loss of income generated in one region or area and covers every loss on all crops that is less than the average yield in the same area in the last five years.
The role of the state, through the direct and indirect measures it brings, is significant for the future development of insurance of crops from the risk of loss of income. These are measures for regressing part of the premium and measures contributing to the creation of the necessary conditions for the implementation of this insurance.
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