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New Crop Insurance Interests Private Insurance Companies

The Pradhan Mantri Fasal Bima Yojana is likely to see great interest from private general insurance companies, with one authority to execute the plan and accessibility of localized risk coverage.

As per the insurers, this will be helpful since, unlike previously where there was a claim subsidy, this plan will provide premium subsidy and be more reasonable for farmers.

“There were multiple schemes — NAIS, MNAIS and weather-based crop insurance — with different implementing authorities. Now, with one scheme, it will be easier for us to be a part of it, since it covers almost all conditions,” said the Chief Executive of Private General Insurer. Further, the companies said, as all states have been asked to implement it, insurers will find it easier to be a part of the scheme.

Sanjay Datta, Chief of Underwriting and Claims at ICICI Lombard General Insurance, said they’d be eager to join.  Presence of catastrophic events to this cover, such as protection from cyclone impact, would be valuable.

“There were multiple schemes — NAIS, MNAIS and weather-based crop insurance — with different implementing authorities. Now, with one scheme, it will be easier for us to be a part of it, since it covers almost all conditions,” said the Chief Executive of private general insurer.

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