Mr. Milind Kharat, Chairman and Managing Director of United India Insurance Company said that their company has appealed to Agriculture Insurance Company (AIC) to sell crop and weather insurance products in the western region of the country, which is currently facing severe drought situation. Horticulture crops like sweet lime, grapes and mangoes are the worst effected crops due to draught.
At present four public sectors insurance companies sell the crops of AIC offering yield based and weather based crop insurance curriculum under the National Agricultural Insurance Scheme and Weather based insurance scheme. Insurance companies like HDFC Ergo and ICICI Lombard are one of the few private players who are also in this field of insurance.
He also added that at present the company caters to the crop and weather insurance needs of the Southern part of the country. Many insurance companies are also trying to enter into this business in Maharashtra as there is huge potential with Maharashtra being one of the pioneers in the crop and weather insurance space. As per the statistics, this sector is growing at an annualized rate of 25%.
