Indian insurers propose crop specific plans over PMFBY coverage
Indian insurers are suggesting a fresh approach: insurance plans that actually match the crops farmers grow, instead of broad, one-size-fits-all policies.
At a recent industry event in Delhi, Kshema General Insurance's Sumanth DS, Chief Growth Officer, said it's time to cover crops like rabi-season or soy with their own tailored plans, not just rely on big government schemes like PMFBY.
The idea is simple: different crops and regions face different risks from weather and pests, so why not offer insurance that fits?
IFFCO Tokio urges collaborative solutions
IFFCO Tokio's Saurav Sinha, Head of Crop and Government Business, pointed out that personalized coverage could help more farmers actually use these products, since they'd get benefits and pricing suited to their specific needs.
But making this work will take teamwork: insurers, reinsurers, policymakers, and tech companies need to join forces to build solutions that really reach India's farming communities.
It's all about helping agriculture stay strong against weather conditions, pests, and natural calamities.