Liberty Bank is Launching an Agro-insurance Project with GPI Holding
Today, Liberty Bank and GPI Holding announced a partnership. As part of this partnership, Liberty Bank will work closely with GPI Holding in the areas of agro-insurance and new product- agro-insurance installments.
At the initiative of the Ministry of Agriculture, under the state program of agro-insurance, the state subsidizes up to 70% of the insurance premium, and the remaining part of the bonus must be paid by the customer at his or her own expense. Beneficiaries of the state agro-insurance program are farmers involved in agro-activities, and agro-insurance insures their crops against unforeseen events and natural disasters: hail, floods, hurricanes, or other risks.
The advantages of the joint product of Liberty Bank and GPI Holding are:
· 0% installment
· No collateral and other additional costs are required
· Insurance policy can be purchased in installments at Liberty Service Centers throughout Georgia. Also, this product will be offered in the regions and villages through Liberty Bank sales agents
Installment of agro insurance will be available to Liberty customers from May 11.
"Agro direction is strategically important for Liberty Bank. We are pleased that today, together with GPI Holding, we have been able to offer our customers in the regions and villages to purchase an agro-insurance policy and 0% installment on the amounts that the state does not subsidize. Liberty has the widest network and is closest to farmers, and by offering this product we will further help people involved in agro business to work calmly and be as safe as possible from risks, ”said Irakli Abashidze, Deputy Director of Small and Medium Business at Liberty Bank.
"Against the backdrop of developments in our country and around the world today, we are once again convinced of the importance of local production, strengthening agriculture and supporting farmers. It is therefore important to understand the importance and necessity of insurance as a financial guarantee. As part of the state agricultural insurance program, farmers still enjoy up to 70% of the state subsidy this year, and they cover the remaining cost of insurance themselves. Under the cooperation of GPI and Liberty Bank, agro-insurance for farmers is becoming even more affordable, as our policyholders have the opportunity to cover the remaining part of the premium with 0% installment; It is expected that with such support more farmers will be involved in the agro-insurance program this year, because now, as never before, we need financial stability, a sense of security and protection, ”- Sandro Kiknadze, Director of Strategic Development at GPI Holding said.