Last year, premiums received by insurance companies from vineyard insurance increased and amounted to 13.4 million GEL, - according to the alcoholic beverages sector survey conducted by the National Bank of Georgia.
As of the survey, revenue from vineyard insurance last year was a record high.
In 2023, the share of state funding increased from 50% to 70%.
Last year, insurance companies compensated 2.4 million GEL in losses, of which the largest share, 74%, fell on the red grape variety. In 2023, the losses compensated were much higher and amounted to 11.6 million GEL.
It is worth noting that winegrowers insure more crops every year. According to last year's data, the total area of insured vineyards was 9,463 hectares, which is more than the 2023 figure - 8,577 hectares.
In addition, the average cost of insuring one hectare of crop is increasing and was 1,419 GEL last year, while in 2023 it was 1,218 GEL. The cost of insurance for red vines is relatively high and in 2024 amounted to an average of 1,745 GEL per hectare, while for white vines - 991 GEL.
