Floods, drought, fires, pest damage, or disease can decimate a season’s profits. A single drone flight can provide rapid, easy, and accurate assessment for insurance adjustment procedures and compensation. Crop damage assessments and adjustments have traditionally been difficult to make and are therefore often inaccurate.
As of this week, the U.S. Department of Agriculture had paid $184 million on nearly 2 million acres of unplanted land, with the money coming from federally subsidized crop insurance, which covers "prevented planting," when a farmer is unable to plant due to weather or other events out of their control.
The government plans to put a ceiling on crop insurance premium after complaints by many states that the insurers were charging very high premiums and that finally is taking a toll on the official budget. There is also a plan to create a pool from which premiums can be paid to companies so that delay of claims settlement is avoided.
The government has paid crop insurance claims worth ₹9,046 crore to 80 lakh farmers for the kharif 2018 season under PMFBY and RWBCIS. The government currently offers two crop insurance schemes– the Pradhan Mantri Fasal Bima Yojana (PMFBY) and the Restructured Weather-based Crop Insurance Scheme (RWBCIS).
Pradhan Mantri Fasal Bima Yojana (PMFBY) has witnessed an increase in claims from the farmers across the nation in 2018-19. The claims ratio of the General Insurance industry went up to 93% for the year ended March 2019 as against 85% in the last year, according to General Insurance Corporation of India (GIC re).
There is cautious optimism that a government-subsidised crop insurance scheme will materialise in the near future, according to Jannie de Villiers, CEO of Grain SA. De Villiers said that the South African Insurance Association, the representative body of the short-term insurance industry, had already provided Treasury with a comprehensive plan for subsidised crop insurance.
Aon, one of the world’s largest insurance companies, has teamed up with respected charity Oxfam and blockchain start-up Etherisc to deliver blockchain crop insurance policies to small farmers in Sri Lanka. The group’s revolutionary system recognizes the lack of sophistication with insurance in emerging markets.
The West Bengal government said it has rolled out a crop insurance scheme, in collaboration with the Agriculture Insurance Company of India (AIC). The crop insurance scheme would be "free of cost for the farmers" as the government would pay the entire premium and the insurable crops are Aman and Aus paddy, jute and maize.
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