CROP INSURANCE CLAIMS
Stocks in news: Jio Platforms, RIL, Infosys, L&T, Tata Capital, Waaree Energies and Vedanta Iron
Indian benchmark indices saw a volatile session amid the Nifty and Bank Nifty monthly expiry. Stocks like Jio Platforms made headlines following its IPO debut after raising significant funds. Reliance Industries remained a focus as its financial results and fundraising plans were announced. Infosys successfully implemented a transformation project for Syngenta, enhancing operations and governance. Tata Capital reported a substantial profit increase, driven by loan growth and higher interest income.
From field to market: The farmer without a title
UN has proclaimed 2026 as the International Year of the Woman Farmer, shining a light on the importance of recognising female farmers. In India, women make up over 45% of the agricultural labour force, yet they encounter hurdles relating to land rights and income disparities. Maharashtra's recent laws aim to empower women in agriculture, but a nationwide application is critical.
Crop, fire insurance premiums fall 31%, 26.6% in H1 FY27 amid pricing pressure
In the first half of FY27, crop insurance premiums fell by 31% due to lower rates and discounts. Fire insurance premiums also decreased by 26.6% amidst price competition and discounts across the sector. Public sector insurers saw a sharper decline in crop insurance compared to general insurers, impacting overall growth. Non-life insurance premiums grew 6.1% year-on-year, and health insurance experienced a 20.2% increase.
Insurers may face higher crop cover claims in Andhra Pradesh, Maharashtra, Karnataka
In Maharashtra, insurers' liability could be capped at Rs 1,540 crore before the state government takes over claims beyond that level. The state has declared drought-like conditions in 265 talukas, raising concerns over this year's losses.
Maharashtra declares drought in 265 talukas or nearly three-fourths of state; announces relief measures
Maharashtra has declared drought in 265 out of 358 talukas due to significant rainfall deficits. The government announced various relief measures, including crop loan restructuring and power bill subsidies. Financial assistance for farmers will be evaluated after ground assessments are completed. Opposition parties have criticized the government's response and demanded immediate financial assistance.
Smart rice policy would be nice
In the 2026-27 cycle, India's rice production is projected to fall by 6.5% compared to the previous year, largely due to monsoon rainfall being 15% below the seasonal average. This shortfall poses significant challenges for farmers, likely leading to financial hardship as both yields and cultivated areas decline. However, with high existing stockpiles, domestic markets may not face critical shortages.
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Won't chase top-line growth at any cost: SBI General CEO on fire insurance pricing war
SBI General Insurance will not chase fire insurance business at unsustainable prices. The company aims to improve profitability and maintain a healthy expense of management ratio. Health insurance penetration is a key focus, leveraging SBI's extensive branch network. Addressing mis-selling requires suitability, transparency, convenience, and fairness for customers. SBI General Insurance is considering a potential public listing in the future.
PDP workers, farmers detained in Shopian protest over crop insurance
PDP workers and farmers were detained in Shopian during a protest. They demanded the implementation of a crop insurance scheme for damaged crops. Former legislator Ajaz Ahmad Mir stated he was under house arrest during the protest. Farmers requested government facilitation for crop insurance and subsidies for hail nets. The protest highlighted the collective voice of growers seeking protection for their livelihoods.
Govt probes complaints of Re 1 crop damage claims; warns insurers against playing jokes with farmers
Union Agriculture Minister Shivraj Singh Chouhan has ordered a probe into crop insurance claims as low as Re 1. He expressed strong disapproval of insurers providing such minimal amounts to farmers. The minister emphasized that such practices are unacceptable and likened them to jokes. He directed officials to ensure accurate crop damage assessments and expedite claim settlements.
Shivraj Singh Chouhan to transfer crop insurance claims worth Rs 3,200 cr to 30 lakh farmers on Monday
Agriculture Minister Shivraj Singh Chouhan will digitally transfer Rs 3,200 crore in crop insurance claims to 30 lakh farmers under PMFBY during an event in Rajasthan. The new claim settlement system ensures faster payouts, with penalties for delayed subsidies from states or insurance companies. Since 2016, PMFBY has disbursed Rs 1.83 lakh crore in claims, benefiting farmers significantly.
Centre orders insurance firm to pay Rs 225 cr to Maharashtra farmers in a week
The Central government ordered an insurance company to settle pending crop insurance claims worth up to Rs 225 crore for approximately 2 lakh farmers in Maharashtra's Parbhani district. The directive followed issues raised during Union Agriculture Minister Shivraj Singh Chouhan's interaction with farmers. The insurance company must pay the dues within seven days, providing financial relief to affected farmers.
Govt says crop insurance claims worth Rs 2,761.10 cr pending under PMFBY till 2021-22
Crop insurance claims worth Rs 2,761.10 crore under PMFBY were pending till 2021-22, with Rajasthan, Maharashtra and Gujarat being the states with the most pending claims. Admissible claims are usually paid within three months but some claims were delayed due to reasons like late release of premium subsidy and disputes.
Maharashtra: Excessive rainfall-affected farmers upset over getting paltry amounts as crop insurance
An official from the state relief and rehabilitation department said 7.48 lakh farmers from Aurangabad district availed the government's crop insurance scheme in the 2022 kharif season, but despite the widespread excessive rains before Diwali festival, claims of only 1.84 lakh farmers have been approved by the insurance company.
Government plans to revamp crop cover scheme PMFBY to woo more insurers and rationalise premium
The Pradhan Mantri Fasal Bima Yojana (PMFBY), launched in February 2016, aims to provide financial support to farmers suffering crop loss/damage arising out of natural calamities. Under this scheme, maximum premium payable by farmers is 2 per cent for all food and oilseeds crops grown in the kharif (summer) season, 1.5 per cent for same crops grown in rabi (winter) season and 5 per cent for commercial and horticulture crops.
Crop insurance claims at Rs 9,570 cr for 2020-21 lower by over 60 pc from previous year
PMFBY was launched in 2016-17 with many improvements over the erstwhile crop insurance schemes. The operational guidelines of the scheme were revised with effect from Rabi 2018 and kharif 2020, respectively, to ensure the benefits reached farmers adequate and timely.
Crop insurers may not get swarmed with locust claims
Hit would be minimal if infestation is controlled before monsoon as rabi harvest’s done.
Foreign trade on for agri-products during lockdown
“We conducted a video conference with all states and Insurance companies to review the payment of claims, status of conduct of crop cutting experiments for Rabi 2019-20 crops, crop loss survey and implementation of Smart Sampling Technique,” the official said.
Tech holds key to fast-tracking crop insurance claims
The use of tech to expedite claims has become even more important as the govt has mandated to settle insurance claims within two months of filing.
Crop insurance scheme likely to get Rs 13,000 crore in FY19 budget
According to sources, the budget allocation for the PMFBY could go up to Rs 13K-cr for the next fiscal taking into account about 10% likely increase in the sum insured.
Crop insurance not as promising as thought
It faces issues such as lower interest in buying cover when the monsoon is good.
Crop insurance drives non-life business
Business figures for nonlife insurance companies released by IRDAI for the year 2016-17 show that total premium income jumped to Rs 1.27 lakh crore from Rs 96,376 crore in FY16.
Claims worth Rs 4,416 crore settled under PM Crop scheme
PM Narendra Modi had launched the scheme at Sherpur in Sehore district of Madhya Pradesh during the Farmers' Convention in February.
Government to soon buy 'Drone' technology to assess crop damage
Initially, the government will purchase one drone technology and would order for more after checking the feasibility, the official said.
Cabinet may take up proposal on new crop insurance scheme tomorrow
The Cabinet is likely to take up the proposal of a new crop insurance scheme that aims to reduce the premium burden on farmers and ensure early settlement of claim.
Government unveils Kisan project; hailstorm app to assess crop damage
Also to access large-scale damage to standing crops, it launched an Android-based app for collection of data of hailstorm.
Crop losses due to unseasonal rains to top Rs 100 crore: Agriculture Insurance Company
Unseasonal rains and hailstorms are likely to result in insurance claims to the tune of Rs 100 crore for crop losses, Agriculture Insurance Company said today.
Cyclone Hudhud may leave crop insurance claims worth Rs 1,500 crore in its wake
The two states were hit by a similar storm a year earlier. Cyclone Phailin in 2013 had also cost Rs 1,500 crore to insurers.
Insurance Companies may take Rs 100-crore hit from Maharashtra hailstorms: AIC
AIC) today said the general insurers may see claims ranging upto Rs 100 crore arising from the massive crop damages, following hailstorms in Maharashtra.
Post-Phailin, insurers expect flood of crop claims
General insurers are likely to get soon claims worth a few hundred crores from crop and weather insurance segments.
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