Crop insurance

Crop insurance

Additional private insurance for cotton production

For the first time in the cotton farming industry in Greece, Thrakika Ekkokkistiria S.A. in collaboration with Interamerican have provided participating farmers with the advantage of additional private insurance for their crops. The insurance includes protection from natural phenomena and covers the real production value at a premium collective cost. 

Until now, the cotton farmers could only be insured through ELGA (Hellenic Agricultural Insurance Organization).

The additional insurance by Interamerican operates as follows: 


Example of additional insurance 

Value to be insured

ELGA calculates the value to be insured as follows:

Median production per stremma for the specific crop and prefecture (in kilos/stremma) x (times) Median product price over the last 5 years (euro/kilo)

Eg. 265 kilos/stremma x 0,43 €/kilo = 114 €/stremma (example)

Interamerican calculates the value to be insured as follows:

  1. 150 €/stremma for irrigated plots 
  2. 85 €/stremma for dryland plots

Damage rate calculation 

ELGA auditors assess the damage and calculate the rate. The compensation offered by Interamerican is based on this calculation. 

Compensation amount 

Compensation by ELGA is calculated as follows:

Value to be insured x (damage rate -15%) x 0,88

Eg. if the damage is at 30%: 114 x (30% – 15%) x 0,88 = 15 €/stremma (example)

Interamerican calculates: Damage = Value to be Insured x damage rate 

In our example with an irrigated plot: Damage = 150 x 30% = 45 €/stremma

Thus the damage not covered is: 45 – 15 = 30 €/stremma

Interamerican compensates at 90% of the damage not covered, that is:

Compensation by Interamerican: 30 x 90% = 27 €/stremma 

This page's address: https://thrakika.gr/en/insurance