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Financing and insurance for cattle, now available in Kosovo

19 March 2015

Raiffeisen Bank, Raiffeisen Insurance Broker and Insurance Company Sigal Uniqa Group, in collaboration with the USAID project New Opportunities for Agriculture, for the first time in Kosovo, provide financing and insurance of cattle. This is a program initiated by USAID, and it aims to increase security for investments in dairy farms in Kosovo. The program also aims to reduce the negative effects on farms by providing compensation for damages suffered.

"Cattle insurance is a very important step in the Kosovo banking market. We hope that this practice will continue to be implemented in other sectors of agriculture and livestock, thus having a direct impact on the increase of financial support from banks and also provide the investment security for Kosovo farmers" said Robert Wright, CEO of Raiffeisen Bank Kosovo.

Sofo Limaj, Executive Director of Insurance Company UNIQA Group Sigal said, "Sigal UNIQA Group considers agriculture and livestock as an important segment of economic activity that directly affects household economies. Based on this and on the strategy and vision of the company, we launch a special product for supporting farmers in order to guarantee and safeguard their financial investment in this sector. As leader in the insurance market in Kosovo, we are highly committed to always be close to our customer by offering innovative products and professional services in the market ".

While Mark Wood, director of the USAID project New Opportunities for Agriculture, praised the ongoing cooperation which is expected to have a positive impact in the agricultural sector in Kosovo. "Agricultural insurance is an indispensable tool of risk management for modern agriculture that promotes the development of a more competitive agricultural sector through new capital investments, acquisition of latest technologies and innovations in manufacturing, processing and marketing. Benefits derived from an effective market of agricultural insurance can have broad and positive impacts for Kosovo," said Mr. Wood.

Insurance will cover the replacement value at mark price for cattle lost to common diseases, accidents, surgery suffered due to accidents, surgery due to illness during the period of insurance, accidental poisonings etc. Upon receiving the loan, the farmer may choose the option of insurance, and the cattle he/she wants to insure. The insurance form is completed during the visit to the farm, along with the application for the loan.

For more information, contact Iliriana Tahiraj at Raiffeisen Bank, 038/222 222, ext 124, Agron Sulejmani, SIGAL, UNIQA Group AUSTRIA, at 038/240 241 147 and Luljeta Julie Kuraja, USAID New Opportunities for Agriculture, at 038/223 696.

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