With only one company insuring Lithuanian farmers, VH Lietuva, Minister of Agriculture Kęstutis Navickas says that the country's market is small, which is why other insurance companies do not enter it.  

However, he says that there are a few companies that are seriously interested in the Lithuanian market: „There are some companies that are serious and I hope that they will emerge.“

„There are specifics with agriculture and you need very good and deep knowledge of agronomy and plant science and apparently in such a small market, I would suspect, there are not that many of those experts and apparently there is no alternative for more insurance companies to participate,“,  the minister told reporters on Tuesday. 

According to him, insurers in Lithuania have insured almost all crops, but they do not insure orchards and berry-gardens. 

„On crop farms, we can see that it is clear that insurance is something that can help farmers and, as I said, the areas are increasing and the number of farmers who have insurance is increasing. And there are specific areas where insurance companies do not insure, first of all they do not insure gardens and berry-gardens, because apparently they treat, in their opinion, they treat this climatic zone of ours as too risky," Navickas explained. 

 „VH Lietuva“ had insured 96% of insurable crops as of November 2023. 

In 2023, the company paid out over €20 million to farmers – a quarter more than in 2022 (€15 million). In 2021, the fund reimbursed losses of €9.4 million to farmers who had taken out the insurance.