India - Insurance companies accelerate pay-outs on crop loss

14.01.2022 1158 views

Following repeated reminders from the office of the Agriculture Commissioner, insurance companies have settled the majority of crop loss claims in the state. To date, 44.26 lakh farmers in the state have received Rs 2,501.66 crore in way of compensation for crop loss earlier in the season.

Notwithstanding the timely onset of the monsoon, farmers in the state had to face heavy rain damaging their crop in some areas. Similarly, extremely heavy rain during the withdrawal phase of the monsoon had seen farmers reporting crop loss in many areas. Cultivators in Marathwada, Konkan, Vidarbha and North Maharashtra region suffered maximum damage. A total of 47.65 lakh farmers in the state had filed claims worth Rs 2, 512.81 crore.

While claims were submitted on time, insurance companies delayed settling the same. Farmer organisations like the Kisan Sabha had led numerous agitations for the early settling of the claims.

Agriculture Commissioner Dheeraj Kumar had issued repeated notices to the insurers, warning them of action in case the claims were not settled soon.

Insurance companies had blamed the delay in joint survey and non-payment of the state government’s share as reasons behind the late settlement of claims. Over the past few seasons, claims for crop loss have seen an increase given the frequent incidents of unseasonal rains. The insurers have claimed that the business was loss-making for them. However, there is rising demand for a relook into the whole scheme as the insurance companies had made record profit in good seasons.

According to the latest figures of the 37.35 lakh farmers, who had filed claims of crop loss, 33.99 lakh have received their payment. Of the total Rs 2,278.52 crore claim amount, Rs 2082.40 crore has been paid to the farmers. Officials of the Agriculture Commissionerate said that three companies now have major pending claims and they are expected to be cleared in the next few days.

Nearly 11.30 lakh farmers had filed claims for mid-season adversity (unseasonal rains in the middle of the season mostly in September-October). The total claims filed were around Rs 430.41 crore. In this category, 10.27 lakh farmers have received Rs 419.26 crore by way of compensation.

Source - https://indianexpress.com

30.06.2026

Poland faces smaller AJC crop while Turkey prepares for recovery

Poland's apple juice concentrate (AJC) crop faces the prospect of a sharply reduced harvest in 2026 following severe frosts, while Turkey is set for a strong recovery season after near-total losses a year earlier, according to market sources cited by Mintec.

30.06.2026

Canada - Excess moisture, flooding insured perils under AgriInsurance

Excessive precipitation across northern Alberta over the past several weeks has significantly impacted seeding progress for many producers and is causing fields to flood in some areas.

30.06.2026

India - Delta farmers seek special relief package as Kuruvai loss threatens incomes in TN

With water storage in the Mettur dam forcing a sharp decline in short-term paddy cultivation this season, farmers in the Cauvery Delta have urged the Tamil Nadu government to announce a special relief package and provide scientific guidance on alternative crops to help offset mounting losses. 

30.06.2026

CRDB Bank Deploys AI Nose-Print Technology to Shake Up Tanzanian Livestock Insurance

Tanzanian pastoralists are set to access a transformative digital insurance framework utilizing artificial intelligence to scan animal nose prints for rapid payouts.

30.06.2026

Philippines - WB grants $70M loan for farmers' climate-risk insurance

The World Bank is lending $70 million to the Philippines for a co-insurance pool that would protect small farmers and fisherfolk from the effects of climate change, according to the Department of Agriculture (DA) on Sunday.

30.06.2026

Insurance helps farmers protect livelihoods as climate shocks intensify

Insurance is helping farmers recover from droughts and floods before crises deepen – as climate shocks intensify and the shadow of El Niño threatens.

29.06.2026

USA - Revisions to livestock insurance programs take effect July 1

Revisions to the principal livestock risk management programs, as well as to crop insurance, take effect July 1.

29.06.2026

Raising Concerns About Crop Damage, Threatened Livestock, and Health Risks in Rural Brazil

The advance of wild boars across Brazilian territory worries the countryside due to economic loss, threat to biodiversity, and sanitary risk to livestock, especially in regions where crops and livestock are vulnerable to the species’ movement.