Agroinsurance

NEWS

India - How modi government's PMFBY crop insurance scheme has empowered farmers

16.02.2024 622 views

Since its launch in 2016, the Pradhan Mantri Fasal Bima Yojana (PMFBY) has aimed to provide Indian farmers with a simple, affordable, and comprehensive crop insurance solution. This scheme covers all non-preventable natural risks from pre-sowing to post-harvest, ensuring financial support in case of crop failure due to natural calamities, pests, or diseases.

Adhering to the "One Nation, One Crop, One Premium" principle, PMFBY offers a robust shield against crop losses caused by unpredictable natural hazards. This protection not only stabilizes farmers' income but also encourages the adoption of innovative agricultural practices.

Key Features of the PMFBY

Compared to previous schemes, PMFBY offers a more comprehensive and robust coverage for crops. The removal of premium capping allows farmers to receive full claim amounts without reductions. Additionally, PMFBY covers individual farms nationwide for localized disasters such as hailstorms, landslides, floods, and wildfires, as well as post-harvest losses from cyclones, heavy rain, and hail.

PMFBY is Technology-Driven

In a tech-driven revolution, PMFBY employs remote sensing, smartphones, and drones for rapid crop loss assessment and claim settlements. The National Crop Insurance Portal (NCIP) digitizes processes for seamless interaction between farmers, insurers, and banks. YES-TECH (Yield Estimation System Based on Technology) ensures accurate yield estimation through remote sensing, while CROPIC (Collection of Real-time Photos and Observations of Crops) uses geotagged photos for precise damage assessment. This integration of technology empowers farmers and streamlines insurance operations.

Rs 1.54 Lakh Crore Paid in Claims

With 56.96 crore applications insured since its inception in 2016-17, PMFBY has made a significant impact, paying out Rs 1,54,469 crore in claims. This extensive reach and financial assistance underscore the scheme's crucial role in supporting farmers during challenging times.

By offering a comprehensive and accessible insurance product, PMFBY empowers farmers, improves agricultural practices, and contributes to the overall growth and stability of the Indian agricultural sector.

Source - https://menafn.com

EVENTS

ScaleAgData Stakeholder Engagement Event

22.10.2024

The ScaleAgData project is pleased to invite you to our second stakeholder event. Building on the discussions and connections formed during our first webinar, this event will focus on fostering collaboration among stakeholders, providing updates on our project’s progress, and outlining future opportunities for engagement.

RISK EVENTS

Moldova - May frosts caused heavy damage to fruit orchards

10.05.2026

The first frosty nights of May have significantly worsened estimates of damage to Moldova's fruit sector from spring frosts. According to initial assessments by fruit market operators, between a quarter and a third of the country's total orchard area was seriously affected.

South Africa - Grain SA calls for affordable crop insurance as dry weather threatens Swartland wheat

Severe rainfall shortages threatening the Swartland wheat crop have highlighted the need for government support to make crop insurance affordable for dryland producers.

01.09.2026

USA - Florida farms face nation’s highest disaster loss rate

Natural disasters destroy billions of dollars in U.S. agricultural production each year. From drought and wildfires in the West to hail in the Midwest and hurricanes in the Southeast, farms lose an average of $5.1 billion in crops and livestock annually, according to the Federal Emergency Management Agency.

01.09.2026

Luxembourg small farmer struggles with effects of high temperatures on crops

High temperatures over the summer caused an increase of certain pests harmful to vegetables.

01.09.2026

Nearly 8,000 acres of crops damaged due to dry weather in Sri Lanka

Cabinet Spokesman and Minister of Health Dr. Nalinda Jayatissa said that the estimated crop damage caused so far by the prevailing extreme dry weather conditions is nearly 8,000 acres of farmland belonging to around 7,000 farmers.

01.09.2026

Cyprus - Storm damage recorded in 183 homes as crop losses assessed

Damage to 183 homes, mainly in the Nicosia district, has been recorded following the severe weather that hit Cyprus last Saturday, the interior ministry said on Monday.

01.09.2026

USA - New USDA initiative aims to spur cattle herd rebuilding with insurance, conservation program grazing changes

New insurance options, emergency grazing authorities on Grassland Conservation Reserve Program acres, and guaranteed loans for regional meat processors are among the elements of a package unveiled by Agriculture Secretary Brooke Rollins Monday to encourage producers to rebuild the U.S. cattle herd.

30.08.2026

Serbia's Drought Halves Crop Yields, Few Farms Insured

Drought in July and August 2026 cut yields by more than half in parts of Serbia, but only 15 percent of farmland is insured. A corn policy costs about 4,500 dinars per hectare.

30.08.2026

India - Maharashtra Approves ₹23.33 Crore Aid For 17,245 Farmers Hit By Crop Damage

The Maharashtra government has sanctioned ₹23.33 crore in relief for 17,245 farmers whose crops were damaged by floods, excessive rainfall, cyclones and hailstorms.