General Insurance News

Tea to Be Covered Under Centre's Weather-Based Insurance for the First Time

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In a major step for plantation farmers, the Union Ministry of Agriculture and Farmers Welfare has included tea under the Restructured Weather Based Crop Insurance Scheme (RWBCIS), starting from the upcoming kharif season. States like West Bengal, Assam, and Kerala will benefit from the move, which marks the first time plantation crops are receiving weather-based insurance coverage.

The circular, issued on June 10, emphasized collaboration with state governments, commodity boards, and the Department of Commerce to scientifically define term sheets for plantation crops. The ministry urged states to complete the tendering process for private insurer participation by June 20.

Bijoy Gopal Chakraborty, president of the Confederation of Indian Small Tea Growers Associations (CISTA), welcomed the move, calling it a "long-awaited" initiative that addresses the vulnerability of small growers to erratic weather.

Non-Life Insurers' Premiums Up 6.3% in May to Rs. 22,127 Crore

India's non-life insurance sector reported a 6.3% year-on-year increase in gross direct premiums in May 2025, reaching Rs. 22,126.72 crore, supported by strong performance from standalone health insurers.

General insurers posted premiums of Rs. 19,209.97 crore, a 5.72% rise from Rs. 18,170.11 crore in May 2024. Standalone health insurers outperformed with nearly 10% growth, clocking Rs. 2,916.75 crore in premiums.

New India Assurance led among general insurers with a 22.47% jump in premiums to Rs. 2,944.6 crore. ICICI Lombard grew modestly by 2.41% to Rs. 2,155.2 crore, while Bajaj Allianz General Insurance saw a robust 20.98% increase, reaching Rs. 1,322.5 crore in the same period.

Air India Crash Likely to Trigger Massive Insurance Claims of Up to $475 Million