On Thursday, Agroseguro will pay 2.9 million euro in compensation to the Canary Islands' banana producers that were insured. With this payment, the company will complete paying the 12.7 million euro compensations it owed for 2021, i.e. 10% more than in 2020.
This payment complements the payments made last October when the banana producers of La Palma received 9.8 million in compensation for damages corresponding to the heat wave and wind recorded during summer.
The advance was given to producers because a large part of these insured productions was subsequently affected by the volcanic eruption.
Thus, the 2,508 producers in La Palma affected received the Agroseguro payment almost nine months in advance of the date on which the Canarian banana claims are normally paid, which usually coincides with June, when the policy guarantees end.
Of the 12.7 million paid, 10.55 million correspond to insured producers on the island of La Palma, 1.65 million to producers in Tenerife, and the rest to producers in La Gomera, El Hierro, and Gran Canaria.
The total area affected exceeded 9,000 hectares and seven out of ten accidents have been caused by the wind.