Abstract

India has suffered crop losses almost every year either due to extreme weather phenomena. Crop insurance is one alternative available to mitigate yield risk by the farmers. The Government of India has recently approved Pradhan Mantri Fasal Bima Yojana (PMFBY) at heavily subsidized rates of premium. Three insurance agencies, namelyICICI Lombard General Insurance Company Limited., Agriculture Insurance Company of India Limited (AIC) and HDFC ERGO General Insurance Company Limited were working in 31, 10 and 10 districts respectively for crop insurance in the state of Madhya Pradesh respectively. It was found that out of total cultivators (101.15 lakhs) in the state, the 61.55, 21.35 and 17.10 percent were found to be covered under AIC, HDFC and ICICI Lombard insurance agencies, respectively, while out of total insured farmers (61.42 lakhs), 92.08 (90.31 and 1.77), 56.69 (51.84 and 4.85) and 47.25 (40.95 and 6.30) percent were found to be insured (LI and LNI) under ICICI, AIC, and HDFC, respectively and benefited farmers were found to be maximum in HDFC (15.35 percent) followed by AIC (6.99 percent) and ICICI (5.35 percent).

Description

Indian Journal of Economics and Development
Volume 16 No. 1, 2020, 
DOI: https://doi.org/10.35716/ijed/19048
Indexed in Clarivate Analytics (ESCI) of WoS
NAAS Score: 4.82
UGC Approved: UGC Care List Group II

Corresponding author’s email: sattu3864@gmail.com