AIC plans to expand parametric insurance to livestock, people

Agriculture Insurance Company of India (AIC), the country’s largest farm insurer, plans to expand its range of parametric products beyond-crops to cover livestock and even people, according to its chairman and managing director, Lavanya K Mundayur.

- SANJEEB MUKHERJEE & HARSH KUMAR

Parametric insurance works by defining a measurable trigger, such as rainfall that automatically activates claim payouts when pre-agreed thresholds are breached. “For instance, we had once designed a very interesting cover or women agricultural workers. It