IC Group: Insure Today, Pay Tomorrow
IC Group is actively involved in a state-subsidized Agricultural Insurance Program. GEORGIA TODAY spoke to Giorgi Shengelia, Deputy Director at IC Group Insurance Company, to find out more.
Regarding the statistics for the previous year, what was the amount of loss reimbursed by your Company?
On September 1, 2014, the subsidized Agricultural Insurance Program was launched on the initiative of the Ministry of Agriculture and the Agricultural Projects Management Agency of the Ministry of Agriculture. IC Group has been actively involved in this Program and, based on the 2015 data, covered 26.2% of the total market by written premium. Due to the weather and climatic conditions, the 2015 spring-summer season was quite difficult for the whole of Georgia. Beneficiaries insured with IC Group suffered significant losses which were reimbursed by the Company in accordance with the Regulations. The total amount of reimbursement exceeded one million GEL.
Despite those significant losses, is IC Group going to participate in the Agricultural Insurance Program this year?
Of course! Moreover, based on last years’ experience, IC Group has significantly improved and simplified its claims handling procedures.
The second stage of the Project was launched in spring 2016 with improved conditions and a lot of benefits. The interest of the population in this is high. At this stage, the Insurance Project has a budget of GEL 10 million. This year we and the State decided to offer farmers more affordable and flexible payment terms. Now, the farmers’ share of the premium ranges from 20% to 30%. (In case of registered land – 20%).
Which crops and what type of damage is covered and what percent of the premium is subsidized under the Agricultural Insurance Program?
Virtually any food crop produced in Georgia can be insured against the following: hail, storm, excess rainfall and autumn frost (for citrus crops only) – for the period from September 1 to November 30. The Program provides a subsidy for both small and medium-sized farms to an amount of up to 80% of the premium. Last year, farmers’ share was 40%, which, naturally, was quite a heavy burden.
What kind of payment scheme is offered to farmers?
On April 26, an Agreement on Mutual Cooperation was signed by IC Group Insurance Company and MFO Crystal, under which any interested person has the possibility to buy an IC Group agricultural insurance policy at the offices of Crystal and enjoy preferential credit terms. In some cases farmers will be able to use interest-free payment by installments. This is the purpose of our advertising campaign: “Insure Today, Pay Tomorrow,” under which farmers are given an opportunity to pay their share of the premium not at policy inception, but at the time of harvest.
IC Group has long been in the market. What insurance products do you offer apart from Agricultural Insurance?
IC Group Insurance Company has been operating in the market for ten years- in 2016 the Company is celebrating its anniversary. Our main focus is on non-health insurance products, however, we also have well-developed corporate health insurance. We offer all types of insurance and are also known for such innovative products as low cost insurance for hybrid vehicles, which we offer at the lowest price in order to promote a clean environment; and motor insurance including a video recorder, which enables quick settlement of claims. IC Group was the first in the market to offer online travel insurance services. In addition, we offer property insurance during the rental period, or short term property insurance during the holidays, also various types of motor insurance modified and tailored to all categories of drivers.
IC Group always tries to offer products focused on its clients and tailored to their needs. This year, the ten-year anniversary of IC Group, will be very special for us and for our loyal customers, and our Policyholders will see a lot of benefits and gifts coming their way.
Katie Ruth Davies