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Agriculture Insurance Co planning to launch crop reinsurance schemes abroad

Agriculture Insurance Company (AIC), for now, is looking to launch reinsurance in countries like Nepal, Sri Lanka, Philippines and Bangladesh

drought, monsoon, agriculture
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Namrata Acharya Kolkata
Government-owned Agriculture Insurance Company (AIC) plans to launch crop reinsurance services abroad, particularly in other South Asian countries like Nepal, Sri Lanka, and Bangladesh and the Philippines. 

The company has got approval from the Insurance Regulatory and Development Authority (IRDA) for inward insurance (reinsurance services in a foreign country). It is currently in discussions with intermediaries to launch the product by January next year, the month when most of the treaties pertaining to crop insurance are up for renewal.

“Our solvency ratio is 2.99 compared to the regulatory need of 1.5 and our capital base is over Rs 3,500 crore. Given our

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First Published: Aug 31 2019 | 7:34 PM IST

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