Former Haryana Finance Minister and INLD leader Sampat Singh lashed out at the BJP-led central and state governments on the issue of ‘profiteering’ by private insurance companies under the Pradhan Mantri Fasal Bima Yojana (PMFBY). Criticising the implementation of the scheme, Singh alleged that private insurance companies were earning huge profits, while farmers continued to face severe distress due to crop losses.

The INLD leader on Sunday visited several villages, including Ludas, Shahpur, Nyoli Kalan, Matra Shyam, Kirtan, Hindwan, Rawalwas Khurd, Rawalwas Kalan and Dhiranvas, in Nalwa constituency of Hisar district and interacted with farmers. He said insurance companies received a total of Rs 2827.02 crore in Haryana between 2023 and 2025. However, only Rs 731 crore was paid to affected farmers in claims. He alleged that private insurance companies had been making huge gains from premiums collected from farmers and the government, and the farmers had to struggle for even small claims.

Describing the profits as ‘loot', Singh said that in FY 2025, insurance companies collected Rs 1003.68 crore as premium but paid only Rs 95 crore in claims, resulting in a profit of Rs 908.68 crore. Calling it a national issue, he said, "Between 2023 and 2025, insurance companies collected Rs 82015.52 crore in premiums across India, while only Rs 34799 crore was paid to farmers as claims."

Singh demanded that private insurance companies be excluded from the crop insurance programme and that its implementation be handed over solely to government-owned insurance companies.

Source - https://www.tribuneindia.com/