Private insurance companies posted twice as much gains than public-sector insurers in the government-backed crop insurance scheme, Pradhan Mantri Fasal Bima Yojana (PMFBY) for the five fiscal years ended 31 March 2021(FY2021), according to data from the Agriculture Department presented in Parliament.
Insurance companies made gains of nearly INR400bn ($5bn) in the last over five years under the central government's flagship crop insurance scheme, Pradhan Mantri Fasal Bima Yojana (PMFBY).
The IRDAI announced yesterday that it is extending the 'Use and File' procedure to retail insurance plans covering agriculture and allied activities. The new rule entered into effect immediately.
Government-owned Agriculture Insurance Company of India (AICIL) has tied up with InsurTech Wingsure to strengthen the accessibility of insurance products and services to farmers.
Agricultural insurance premium income jumped by 20% to CNY97.6bn ($14.6bn) last year, compared to 2020, according to data compiled from reports filed by insurance companies.
Acre Africa, a beneficiary of the World Bank's One Million Farmers Platform (OMFP), is one group in Kenya that is leveraging technology to help farmers manage climate risks.
China's largest non-life insurer, PICC Property & Casualty, and the Pricing Department of the National Development and Reform Commission have signed a strategic cooperation agreement to work together on investigations into agricultural product costs and to build jointly a new platform and new model to safeguard food security and protect agriculture, rural areas and farmers.
Robust growth rates in key products including crop and livestock contributed to the expansion in premium income in 2021 for Zhongyuan Agricultural Insurance Co (ZYIC), AM Best points out.
Agricultural insurance premiums will exceed CNY160bn ($24bn) by 2025, when this branch is forecast to become the second-largest non-auto class of business of property insurance companies.
The IRDAI, continuing with its series of reforms, has reduced the solvency margin requirement for insurers engaged in crop business, the regulator says in a statement.