Crop Insurance - A journey witnessed
THE INSURANCE TIMES|July 2023
Crop Insurance is based on statistical tools, administration machinery down to the grass root level, technology, satellite imagery services, insurance intellect and many other highly specialized expertise being used in crop insurance in the country making it more effective and the largest crop scheme in the world in terms of farmers enrolment, having millions of applications every year and amongst the top 3 in terms of premium received
Crop Insurance - A journey witnessed

l was thinking about how since the time I got involved in crop insurance, I have seen it change as the scheme moved from strength to strength and thought of writing an article on the same. It all started in the year 2007 when I had brief exposure to weather-based Insurance at IFFCO - Tokio in Madhya Pradesh as the Regional Head there. Most of it was collected from individual insured and was settled based on IMD-based weather insurance. The premium collection was a major challenge for us as we used the channels like district cooperative banks, who were our business partners. As I moved back to Delhi with IFFCO- Tokio in 2008, this brief experience was temporarily curtailed.

Cut to 2014, and at Universal Sompo, a decision at the highest level was taken that we will empanel our company as a partner in the crop insurance scheme and offer crop insurance with the Ministry of Agriculture through various states based on the tender. The Ministry of Agriculture, based on the presentation and our inclination to participate in crop insurance, considered us for empanelment. They had empanelled certain insurance companies earlier and USGI joined that list. Agriculture Insurance Corporation (AIC) has been a master at crop insurance since then, but the other Government companies were not implementing crop insurance at this point.

This story is from the July 2023 edition of THE INSURANCE TIMES.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the July 2023 edition of THE INSURANCE TIMES.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM THE INSURANCE TIMESView All
International News
THE INSURANCE TIMES

International News

Saudi Arabia's Insurance Market Poised for Transformation - Saudi Arabia's general insurance market is on a trajectory of rapid growth, with gross written premiums expected to rise from SAR 68.8 billion ($18.4 billion) in 2024 to SAR 105.3 billion ($28.1 billion) by 2029, reflecting a CAGR of 8.9%. This growth is driven by regulatory reforms, economic diversification, and increased consumer awareness of risk management.

time-read
4 mins  |
December 2024
Life Insurance News
THE INSURANCE TIMES

Life Insurance News

HDFC Life Insurance Reports Data Breach - HDFC Life Insurance recently disclosed a data breach, adding to the growing list of Indian insurers facing cybersecurity threats. The breach, revealed in a regulatory filing, prompted the company to launch an extensive investigation with information security experts to safeguard customer interests.

time-read
4 mins  |
December 2024
Health Insurance News
THE INSURANCE TIMES

Health Insurance News

Star Health Launches 'Star Arogya Digi Seva' to Enhance Rural Healthcare - In a bid to revolutionize rural healthcare, Star Health Insurance unveiled its latest Corporate Social Responsibility (CSR) initiative, 'Star Arogya Digi Seva,' in collaboration with the Center for Chronic Disease and Control (CCDC). The initiative aims to provide essential healthcare services to underserved rural areas by leveraging telemedicine technology and Mobile Health Units (MHUS).

time-read
4 mins  |
December 2024
Insurance Regulator Update
THE INSURANCE TIMES

Insurance Regulator Update

IRDAI Calls for More Players in the Insurance Sector - IRDAI Chairman Debasish Panda has called for more conglomerates to enter the insurance space, emphasizing the immense opportunities offered by India's vast population of 1.4 billion. Panda urged private equity funds, institutional investors, venture capitalists, and family offices to explore the insurance market, highlighting that the current 70 insurers in the country are insufficient to meet growing demands.

time-read
4 mins  |
December 2024
General Insurance News
THE INSURANCE TIMES

General Insurance News

Tier 2 and 3 Cities Propel Growth in Motor Insurance - The rise in private consumption in India has positioned tier 2 and 3 cities as key drivers of growth in the motor insurance segment. Increasing vehicle ownership and heightened awareness of insurance have fueled this expansion, according to a report by InsurTech platform Turtlemint. These cities accounted for over 90% of motor insurance policies sold and the premium volume during the festive season this year.

time-read
4 mins  |
December 2024
"Bancassurance is at the heart of our growth strategy. It allows Bandhan Life to reach more customers and provide accessible, trusted insurance solutions through a familiar network."
THE INSURANCE TIMES

"Bancassurance is at the heart of our growth strategy. It allows Bandhan Life to reach more customers and provide accessible, trusted insurance solutions through a familiar network."

About Indranil Dutta - Indranil Dutta brings 23 years of experience in insurance, banking, and sales, with a specialization in bancassurance. As the Chief Business Officer - Bancassurance at Bandhan Life Insurance, he leads the banca sales channel and plays a key role in driving the company's strategic vision of becoming a leading multi-channel life insurer with an expanded presence across product categories.

time-read
6 mins  |
December 2024
IRDAI Corner
THE INSURANCE TIMES

IRDAI Corner

The Eighth Bima Manthan, the quarterly meeting of IRDAI with the insurance industry was held on 11th and 12th November 2024, in Hyderabad

time-read
4 mins  |
December 2024
International Conference on Inclusive Insurance (ICII) 2024
THE INSURANCE TIMES

International Conference on Inclusive Insurance (ICII) 2024

The 20th edition of the International Conference on Inclusive Insurance (ICII) concluded on a high note in Kathmandu, Nepal, after five days of insightful discussions, interactive workshops, and collaborative networking. Hosted by the Nepal Insurers' Association in partnership with the Life Insurance Association Nepal, Nepal Micro Insurance Association, Nepal Insurance Authority, Munich Re Foundation, and the Microinsurance Network, the conference brought together around 500 participants from around the globe. The Insurance Times was the media partner in the event.

time-read
6 mins  |
December 2024
How to choose a Health Insurance Plan that fits your evolving needs
THE INSURANCE TIMES

How to choose a Health Insurance Plan that fits your evolving needs

When you are single, you might focus on plans with basic coverage and low premiums. As you get married, look for family floater plans that cover your spouse. When you have children, ensure the plan covers pediatric care, vaccinations, and other child-specific healthcare needs.

time-read
4 mins  |
December 2024
My View on #20SIRC Conference
THE INSURANCE TIMES

My View on #20SIRC Conference

The participants include world top reinsurers, brokers, insurers, IT companies, Consultants, and Regulators. As a regulator from Nepal attending the (#20SIRC) was a unique thrilling experience that provided opportunities for learning, networking, and strategic development. Here's a detailed perspective that I had experienced during my visit to Singapore.

time-read
2 mins  |
December 2024