Reinventing Agriinsurance: Focussing On Weather Is Key
THE INSURANCE TIMES|August 2017
Reinventing Agriinsurance: Focussing On Weather Is Key

The onset of the monsoon brings both hopes to the large farm community as also uncertainty.

Despite sophisticated models being in place, weather predictions have more often than not gone awry.

The weather guides India's crop cycle through all stages and any change in temperature, rainfall or humidity significantly affects the quantum and quality of crop, eventually disturbing the market dynamics of the fragile agrarian economy. To mitigate the risk the farmer faces due to the vagaries of the weather, successive governments have been implementing various agri-insurance schemes.

This government's Pradhan Mantri Fasal Bima Yojana (PMFSBY), launched last year with much fanfare, has had better coverage and possesses several positive features but faces the same limitations as its predecessor, National Agricultural Insurance Scheme (NAIS). The only criterion for determining loss and distress remains the crop yield.

Difficult task

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August 2017