PMFBY: Bajaj Allianz eyes underwriting premium of Rs 100 cr

Private sector non-life insurer Bajaj Allianz General Insurance is looking at underwriting premium of Rs 100 crore in Haryana during the ongoing Kharif season under the Pradhan Mantri Fasal Bima Yojana (PMFBY).
The insurance firm has received authorisation from Haryana government for implementation of the scheme in seven districts -- Ambala, Karnal, Sonipat, Hisar, Jind, Mahendergarh and Gurugram.
Farmers in these districts growing paddy, cotton, maize or bajra can insure their crops till July 31 through their respective banks or authorised representatives of the company.
The scheme provides comprehensive cover against shortfall in crop yield due to non-preventable risks such as natural calamities, adverse weather conditions and localised risk like hailstorm and landslide.

"At Bajaj Allianz General Insurance, we are looking at underwriting premium amounting to Rs 100 crore from the ongoing Kharif season alone in the Haryana state for which the company has received authorisation from the government to implement PMFBY in seven districts," Bajaj Allianz General Insurance Head, Agriculture Business, Ashish Agarwal told PTI.
"We will be looking at underwriting the similar amount of premium from the forthcoming Rabi season in those seven districts of the state.

"The company has also received authorisation for implementation of the scheme for seven districts in Andhra Pradesh and three districts in Telangana," Agrawal added.

Agarwal said that the company has settled claims worth Rs
540 crore in the last fiscal under its existing crop insurance scheme.
The company had issued crop insurance policies to 50,000 farmers and it had underwritten premium amounting to Rs 368 crore under the segment across the country in the year gone by. It had a claim ratio at 140 per cent under the segment during last fiscal, he said.