India - Insurance companies accelerate pay-outs on crop loss

14.01.2022 1351 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

29.10.2026

USA - Aon and SAGE launch precision crop insurance program

Aon and agricultural risk intelligence company SAGE have announced a crop insurance program with AgriCap, targeting corn and soybean growers in 15 states for the 2027 crop year.

29.10.2026

Canada - BC crop insurance programme ‘not fit for purpose’

Producers in British Columbia are struggling in the wake of “unprecedented” smoke taint in the Okanagan Valley due to a discrepancy in the government’s insurance initiative.

29.10.2026

India - Guv stresses zero casualties, crop protection

Governor Brajmohan Ram Wednesday stressed the need to ensure zero casualties and minimise crop damage amid Cyclone Arnab.

29.10.2026

China - Regulation to ease herders' financial woes

Claims process in Xizang streamlined, payouts for damage by wildlife rise 10%.

29.10.2026

USA - Congress Faces Major Shake-Up as Agriculture Leaders Prepare to Leave Washington

At least 14 agriculture committee members are leaving Congress, raising concerns over the farm bill, USDA funding and the future of U.S. farm policy.

29.10.2026

Kyrgyzstan to modernise irrigation infrastructure under $146 million investment program

Kyrgyzstan has approved a draft financing agreement for the second phase of its National Irrigation Investment Programme, with funding from international development institutions and Switzerland supporting the modernisation of irrigation and drainage infrastructure.

28.10.2026

South Korea - NH Property and Casualty Insurance Expands Crop Insurance to 78 Items

Enhancing climate-responsive policies, accident prevention campaigns, and tailored insurance for farmers.

28.10.2026

Spain - The Generalitat expands to 32 million the aid for agricultural insurance in 2026

The Generalitat increases agricultural insurance aid to 32 million in 2026 and prepares a second call for uncovered policies.