OREANDA-NEWS. October 07, 2013. IC Allianz has begun paying compensations to agricultural producers due to crop loss caused by the flood in the Far East.

The first advance payment in the amount of 2.7 mln roubles was performed in favor of Soya Ltd. on the basis of barley crop shortage. Given the current emergency situation, the management of IC Allianz decided to process the loss claimed by the farm even before the full set of documents is completed.

This year, the flood and protracted rains in the region have considerably affected the plant growth and the harvesting potential, destroying the significant share of grain and soybean crops. Soon will be the time for harvesting of soya, the major crop insured in the region. IC Allianz is closely monitoring the current situation and is in constant contact with farm managers and the Ministry of Agriculture of the Amur Region; it also performs an ongoing monitoring of the condition of crops in the insured fields, using satellite imagery.

Once the soya harvesting is over, Allianz is preparing to ensure accelerated processing of loss proofs incoming from the damaged farms, unconditionally meeting all of its obligations under the concluded insurance contracts. This will help the agricultural producers to improve their bad financial condition caused by this natural disaster, and to prepare for the forthcoming spring sowing.

OJSC IC Allianz is the only insurance company providing state-supported crop insurance coverage in the Amur Region.