April 18, 2024

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PMFBY: No insurance firms bid for 3 clusters in Maharashtra

Farmers in as several as eight districts in Maharashtra could not be in a position to insure their crops less than the PM Fasal Bima Yojana (PMFBY) scheme in the forthcoming kharif time as no insurance coverage agency arrived ahead to bid for three clusters in the State.

The past day for bidding for 12 clusters – each cluster has concerning just one and 4 districts – was past Wednesday (Might 20), and there were no takers for three clusters, and two other folks experienced just just one bidder each, according to sources in the know of items.

These districts are Aurangabad, Beed, Bhandara, Gondia, Jalna, Kolhapur, Palghar and Raigarh.

Though Beed is a cluster with solitary district, Jalna, Gondia and Kolhapur kind just one cluster. The other 4 districts are portion of one more cluster which similarly failed to catch the attention of bids. Aside from, two freshly-fashioned solitary district clusters — Latur and Osmanabad — have bids from only just one crop insurance coverage agency, the Agricultural Insurance Corporation of India (AIC).

“One can realize why insurance coverage businesses are hesitant to offer you crop insurance coverage address in clusters this kind of as Beed, Latur and Osmanabad (which traditionally have some of the greatest claim premiums), but it is stunning to see there are no takers for the Cluster No. six comprising Palghar, Raigarh, Aurangabad and Bhandara, which has rather low quality premiums and lesser quantity of claims,” the sources said.

Though Bajaj Alliance Insurance Co Ltd and Iffko-Tokio Insurance Cp Ltf bid for five clusters each, AIC, Reliance Insurance Co Ltd and HDFC Ergo bid for three clusters each. Bharti Axa Common Insurance sought to get the job done in two clusters.

Weak participation

In the same way, the other crop insurance coverage scheme – Weather Dependent Crop Insurance Scheme – way too failed to excite the insurance coverage firms, prompting the State agriculture office to increase the deadline till Might 28 citing ‘poor participation’.

The flagship crop insurance coverage scheme released by the Narendra Modi-led NDA government was in bit of hassle in Maharashtra considering that the past kharif time, particularly.

Weighty rains and floods during the fag stop of the past monsoon time resulted in large crop decline in the State, especially in Marathwada area.

As a result, insurance coverage firms providing chance address less than PMFBY scheme experienced to shell out one hundred twenty per cent of overall quality gathered in the State.

For the duration of the rabi seasonn that has just gone by, insurance coverage firms didn’t arrive ahead to offer you PMFBY address to farmers.

According to the sources, the government is in two minds: no matter whether to repeat bidding system only for people three clusters or for all clusters in the State.

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