India - Barring Nagpur, more farmers across state opt for crop insurance

12.08.2020 343 views
Despite problems in availing finances from banks, farmers across Maharashtra have come forward to insure their crops. In the last few years, the share of non-loanee farmers who opted for the Pradhan Mantri Fasal Bhima Yogna (PMFBY) is far more than those who opted for crop loans from financial institutions. The last date for farmers to fill up the forms for the scheme ended on July 31, but the work of reconciliation of data on the bank’s end is expected to continue till August 15. As of August 6, data shows that 94.03 lakh farmers have insured their crops, paying an insurance amount of Rs 421.72 crore. Of the above, 87.57 lakh farmers are non-loanees, of which 6.43 lakh farmers have taken a loan from financial institutions at the start of their agricultural cycle. The scheme is mandatory for farmers who opt for crop loans, as the bank deducts the premium amount while disbursing the crop loan. For farmers who self-finance their agricultural activities, the scheme is optional, and if they wish to opt for the same, they need to go to the local Common Facilitation Centre (FCF) kiosk and pay the insurance amount. As the figures show, non-loanee farmers form the bulk of insurees in the state. During the kharif of 2019-20, of the 1.26 crore farmers who had insured their crops, 1.11 crore were non-loanees, while 14.77 lakh were loanees. The trend was similar during 2018-19, when, of the 95.35 lakh farmers who insured their crops, 79.85 lakhs were non-loanees, while 15.50 lakh had opted for crop loans from banks. Maharashtra’s disbursal of crop loans has been on a decline for the last three years, as more farmers have defaulted on their repayment schedule on the promises of crop loan waiver. At present, the Mahatma Jyotirao Phule Shetkari Karja Mukti Andolan is at its last steps, with around 29 lakh of the 32 lakh eligible accounts receiving the waiver. Barring the six districts in Nagpur division (Nagpur, Wardha, Bhandara, Gondia, Chandrapur and Gadchiroli), the above trend holds true for all other districts in the state. In fact, farmers in Marathwada, which alternates between unseasonal torrential rains and drought, have reported better enrolment numbers than the irrigated parts of Western Maharashtra. Maharashtra’s better record in terms of payment of compensation is one of the reasons why the scheme has received such approval from the state. The anomaly in Nagpur division, farm activist Vijay Jawandhiya said, was due to the lethargy of the agriculture extension services to popularise the scheme. “The non-loanee farmers do not know about the benefit of the scheme – that’s why the enrollment is low in these parts,” he added. Source - https://indianexpress.com
15.10.2025

Insurance payouts for cotton farms in Azerbaijan over past three years disclosed

The volume of insurance payments made for cotton fields in Azerbaijan has exceeded 2.5 million manat ($1.47 million) in the last three years. The Agricultural Insurance Fund insures nearly 25,000 hectares of cotton fields.

15.10.2025

Chestnuts: mixed crop in Italy

In Europe, the climate crisis is a key issue for chestnuts. Much depends on size in Italy. In 2024, the country’s exports hit a record.

15.10.2025

Is the wine industry a new broker opportunity?

The French wine industry, the most lucrative in the world, is supported by numerous insurance brokers that specialise in risk managing and providing coverages for wineries and vineyards.

15.10.2025

France - Farmers devastated as extreme weather wipes out beloved crops

In a heartbreaking turn for farmers and food lovers alike, extreme storms in France's Tarn region have decimated this year's harvest of Lautrec pink garlic — a prized crop with protected status and deep cultural roots. 

15.10.2025

Philippines - Reforms in crop insurance and government lending programs will ensure “long-term stability in the agriculture sector.”

House Speaker Faustino “Bojie” Dy III tells the agricultural sector that the chamber under his leadership will back a better crop insurance system, aside from the provision of zero-interest loans for farmers.

15.10.2025

Armenia looks at Turkish experience with crop insurance

Armenia is now considering two models — the world’s two best examples are the Spanish Agroseguro model and the Turkish TARSIM model, which in fact was largely inspired by the Spanish one.

15.10.2025

Spain counts the cost of 'nightmare' wildfire summer

This August has been a nightmare for the local farmers. It ended up burning more than 20,000 hectares (49,000 acres) of land and causing thousands of people to be evacuated from villages in this farming-heavy corner of north-western Spain, near the Portuguese border.

15.10.2025

HUB launches livestock insurance program in Canada

Hub International Limited (HUB) has introduced a new livestock insurance program in Canada, expanding its agribusiness portfolio with tailored coverage for farm animal risks.