The agriculture insurance coverage sector is prone to register progress from 2024 onwards. File
| Photograph Credit score: Ok.V.S. Giri
The agriculture insurance coverage sector is prone to register progress from 2024 onwards, with a mean actual premium progress of two.5% over the medium time period, based on the Financial Survey 2023-24.
Additionally Learn:Economic Survey 2023-24 LIVE updates
The survey, tabled in Parliament on July 22, famous that agriculture insurance coverage, accounting for about 12% of the non-life insurance coverage market, witnessed flat progress in FY23 attributable to a pointy decline in premium charges within the Kharif cropping season.
“Nevertheless, this decline was greater than offset by elevated insured land space and farmer enrolments in the course of the season,” it added.
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“Agriculture premiums will possible rise from 2024 onwards, with a mean actual premium progress of two.5% cent over the medium time period, supported by enhancements in insurance coverage infrastructure equivalent to cellular purposes and distant sensing for crop loss monitoring,” the survey mentioned.
To deal with present considerations round crop insurance coverage, the federal government has launched numerous technological initiatives. These embody the YES-Tech Guide, WINDS portal, and enrolment app AIDE/Sahayak to evaluate crop injury through satellite-based superior applied sciences.
The survey additionally highlighted door-to-door enrolment initiatives geared toward making crop insurance coverage extra accessible to farmers.
These measures are anticipated to boost the effectivity of crop injury evaluation and enhance the general accessibility of agricultural insurance coverage within the nation.
At present, the federal government is implementing Pradhan Mantri Fasal Bima Yojana and the Climate Based mostly Crop Insurance coverage Scheme.
