Insurers Paid out Nearly HUF 40 bln for Drought Damage
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Hungarian insurers have paid out close to HUF 40 billion for drought damage on around 8,500 claims by policyholders with crop coverage this year, the Hungarian Insurers Association (MABISZ) said this week according to agroinform.hu.
Payouts on crop damage claims reached just HUF 10 bln by the same time last year, and HUF 8 bln of that was for hail damage, Mabisz said.
Insurers expect to pay a further HUF 1.2 bln for drought damage claims this year.
Mabisz said insurers reallocated staff resources to accelerate the processing of the drought claims and hired contracted claims adjusters.
It noted that insurers' revenue from premiums on farm policies came to HUF 22 bln last year.
Farmers have around 9,600 policies covering drought damage on some 683,000 hectares.
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