Research on Agricultural Insurance Reported by Researchers at Czech University of Life Sciences Prague (The impact of digital technologies on agricultural insurance): Agriculture – Agricultural Insurance

2024 FEB 13 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- Researchers detail new data in agricultural insurance. According to news reporting originating from Czech University of Life Sciences Prague by NewsRx correspondents, research stated, “The efficient functioning of agriculture plays an important role in ensuring food security in many countries of the world. Depending on how insurance protection of agricultural producers is carried out, the competitiveness of their financial stability and competitiveness largely depends.”

The news journalists obtained a quote from the research from Czech University of Life Sciences Prague: “Agricultural insurance is one of the most effective ways to combat agricultural risks and at the same time is one of the most difficult for insurance companies. Insurance events related to natural and climatic phenomena can cause significant losses to insurance companies. The use of reinsurance makes it possible to redistribute insurance liability between a large number of insurance companies, which in turn contributes to increasing their financial stability. The active introduction of digital technologies in agriculture allows not only to increase the efficiency of agricultural production, but also helps to reduce the risk of agricultural business. In turn, reducing the riskiness of agricultural business as a result of market competition among insurance companies will reduce the cost of the insurance policy. The state should pay more attention to supporting the use of digital technologies in agricultural production. Traditional subsidizing does not fully encourage agricultural producers to introduce digital technologies at their enterprises. Insurance plays a significant role in stabilizing agricultural production.”

According to the news reporters, the research concluded: “To a certain extent , it creates conditions for protecting farmers from the onset of adverse weather events . The use of digital technologies in agricultural business contributes to increasing the efficiency of agricultural production and creates prerequisites for reducing the costs of agricultural enterprises for insurance protection.”

For more information on this research see: The impact of digital technologies on agricultural insurance. E3S Web of Conferences, 2023,452():01004. (E3S Web of Conferences - http://www.e3s-conferences.org/). The publisher for E3S Web of Conferences is EDP Sciences.

A free version of this journal article is available at https://doi.org/10.1051/e3sconf/202345201004.

Our news editors report that additional information may be obtained by contacting Yekimov Sergey, Czech University of Life Sciences Prague, Department of Trade and Finance, Faculty of Economics and Management. Additional authors for this research include Zinatdinovich Aytimbetov Makhsetbay, Negmatova Shakhzoda, Ratynskyi Vadym, Sokoly Ivan, Bukovskyi Oleksandr.

(Our reports deliver fact-based news of research and discoveries from around the world.)