State-run Agriculture Insurance Company of India (AIC) on Wednesday said the general insurers may see claims ranging from Rs 85 crore to Rs 100 crore arising from the massive crop damages, spanning over 8 lakh hectares, following hailstorms in Maharashtra earlier this month.
"As per our initial estimates, claims may be to the tune of Rs 85-100 crore from this event," AIC general manager Rajeev Chaudhary said.
The public sector insurer, which specialises in providing weather and crop insurance, has one of the largest presence in this region of the Western state.
As per the company, 10 crops are insured of which three are cereals and rest are horticultural crops. While cereals include wheat, jowar and Bengal gram; horticultural crops include oranges, grapes, guavas, pomegranates and cashews among others. Interestingly, while farmers from all states have to compulsorily take a crop insurance while taking a crop loan from banks, it is voluntary in Maharashtra.