Page 2 - Crop Insurance

UP govt launches special drive to provide crop insurance to farmers

According to UP government sources, till date, compensation of Rs 3,074.6 crore has been deposited in the accounts of 27.5 lakh farmers in UP under PMCIS

Irdai eases solvency margin requirement for insurers underwriting crop biz

It is estimated that the Insurance Regulatory and Development Authority of India (Irdai)'s move to ease solvency margin will unlock nearly Rs 1400 crore.

Irdai trims solvency margin for crop insurers; to unlock Rs 1,400 cr funds

Irdai expects that the effect of the relaxation will be positive on the industry as it will free up the capital, which can be utilised for underwriting more business

Centre's doorstep distribution drive for crop insurance to start

The doorstep campaign will be launched in all implementing states in the upcoming Kharif season beginning June, the ministry said in a statement

MFIN to launch natural catastrophe insurance cover for micro borrowers

The MicroFinance Institutions' Network is planning to introduce this product with Cholamandalam MS General Insurance as insurer

States owned about Rs 4,750 cr as PMFBY premium subsidy dues till Rabi 2021

Delay on the part of states in releasing their share of premium subsidy under PMFBY has been a key reason for the delay in claim settlement over the years, the Centre informed Parliament

The pluses and the potential pain points for farmers in the upcoming season

While the govt has moved fast on cash support and hike in fertiliser subsidy, the spike in rural Covid cases and tapering yields could hurt

Pending crop insurance claims to be paid by March-end: Raj minister

Kataria said on Wednesday that the pending amount of insurance claims of farmers till 2020 would be paid by March 31 under the Prime Minister Crop Insurance Scheme

Inadequate cover

Five years on, PMFBY still suffers from multiple flaws

Non-life insurers see a 4.41% drop in premium collection in September

Standalone health insurers, however, see a 38% spike in collections on the back of heavy demand for health covers

Reliance General partners SatSure Analytics for crop insurance biz

Reliance General Insurance on Monday said it has partnered with SatSure for satellite-based crop monitoring and predictive analytics support to better risk management and improve efficiency of its crop insurance business operations. As part of the partnership, RGICL will supply extensive ground observation data and generate timely reports through SatSure Analytics' SAGE platform, combining the analysis of Earth Observation data, the company said in a release. It will help address the key areas of crop health, soil moisture, crop sown area, crop yield estimation and crop loss estimation, the company added. "We are committed to invest in technology and innovation to make crop insurance a success and our partnership with SatSure is aligned with this goal. It's a key step in our customer-centric approach for timely and efficient insurance servicing while being able to effectively and remotely monitor the business risks," said Rakesh Jain, ED & CEO, Reliance General Insurance. The ...

Centre extends crop insurance premium deadline in five MP districts

Union government has agreed to give farmers in five districts of Madhya Pradesh time till September 7 to pay premium under the PM's crop insurance scheme, state agriculture minister Kamal Patel said

Madhya Pradesh: Deadline to pay PM crop insurance premium extended

In a relief for farmers, the Madhya Pradesh government has extended the last date of paying the premium for the Prime Minister's Crops Insurance Scheme to August 31

States opt out, farmers' enrolment drops as PMFBY enters a new phase

From imposing penalties on insurance companies and states that delay claim payment to farmers, to making the scheme voluntary for farmers, PMFBY has seen many twists and turns since inception

Best of BS Opinion: Review PMFBY, banks and the contagion & more

Here's a selection of Business Standard Opinion pieces for the day

Review PMFBY

Recent changes may actually be counterproductive

Govt okays changes to crop insurance scheme, makes it optional for farmers

The Union Cabinet has approved many changes in the PMFBY programme as farmers' body and states were raising some concerns

Fixing crop insurance

There are many shortcomings in the design of the PMFBY

Govt-owned AIC mulls launching crop reinsurance services outside India

The firm is currently in discussions with intermediaries to launch the product by January 2020

Should govt's PMFBY crop insurance scheme be voluntary for farmers?

Some experts say voluntary Pradhan Mantri Fasal Bima Yojana may hit farmer enrolments, unless the scheme is made more attractive