 "A farmer channels water to irrigate his wheat field on the outskirts of Ahmedabad. Photo: Reuters")
Government-owned Agriculture Insurance Company (AIC) is planning to launch crop reinsurance services outside India, particularly in South Asia.
The company received approval from IRDA (Insurance Regulatory and Development Authority) for inward insurance (reinsurance services in a foreign country). It is currently in discussions with intermediaries to launch the product by January 2020.
“Our solvency ratio is 2.99 compared to the regulatory need of 1.5 and our capital base is over Rs 3500 crore. Given our expertise in crop insurance, we want to help other developing countries. We feel we are well equipped to provide reinsurance support to them,” Rajeev Chaudhary,
