July 25, 2024

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PMFBY: No insurance firms bid for 3 clusters in Maharashtra

Farmers in as lots of as 8 districts in Maharashtra may perhaps not be ready to insure their crops underneath the PM Fasal Bima Yojana (PMFBY) plan in the forthcoming kharif year as no insurance business came ahead to bid for three clusters in the Point out.

The previous day for bidding for 12 clusters – every cluster has involving a single and 4 districts – was previous Wednesday (Might twenty), and there were no takers for three clusters, and two other folks had just a single bidder every, in accordance to resources in the know of matters.

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

While Beed is a cluster with solitary district, Jalna, Gondia and Kolhapur variety a single cluster. The other 4 districts are part of an additional cluster which similarly unsuccessful to attract bids. Besides, two recently-shaped solitary district clusters — Latur and Osmanabad — have bids from only a single crop insurance business, the Agricultural Insurance policies Company of India (AIC).

“One can understand why insurance companies are hesitant to give crop insurance cover in clusters this kind of as Beed, Latur and Osmanabad (which usually have some of the maximum declare premiums), but it is shocking to see there are no takers for the Cluster No. 6 comprising Palghar, Raigarh, Aurangabad and Bhandara, which has comparatively lower quality premiums and lesser variety of claims,” the resources explained.

While Bajaj Alliance Insurance policies Co Ltd and Iffko-Tokio Insurance policies Cp Ltf bid for 5 clusters every, AIC, Reliance Insurance policies Co Ltd and HDFC Ergo bid for three clusters every. Bharti Axa Basic Insurance policies sought to get the job done in two clusters.

Inadequate participation

In the same way, the other crop insurance plan – Temperature Dependent Crop Insurance policies Scheme – much too unsuccessful to excite the insurance corporations, prompting the Point out agriculture section to extend the deadline until Might 28 citing ‘poor participation’.

The flagship crop insurance plan introduced by the Narendra Modi-led NDA govt was in bit of hassle in Maharashtra given that the former kharif year, specially.

Significant rains and floods throughout the fag end of the former monsoon year resulted in enormous crop reduction in the Point out, specially in Marathwada region.

As a consequence, insurance corporations offering threat cover underneath PMFBY plan had to shell out a hundred and twenty for each cent of whole quality collected in the Point out.

All through the rabi seasonn that has just absent by, insurance corporations did not appear ahead to give PMFBY cover to farmers.

According to the resources, the govt is in two minds: no matter if to repeat bidding approach only for these three clusters or for all clusters in the Point out.

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