Firms earned Rs 15,795 crore in 2 years of Fasal Bima Yojana -Deepender Deswal

-Tribune News Service

RTI reply indicates 1.5 times jump in profit of insurers in a year

Insurance companies across the country earned a whopping Rs 15,795 crore as profit in two years from the Pradhan Mantri Fasal Bima Yojana (PMFBY), according to a reply received under the Right to Information Act.

While the farmers’ wait for increase in income continues, the profit of insurance firms increased by one-and-a-half times in just one year of the introduction of the PMFBY.

The insurance firms posted a profit of Rs 9,335.62 crore in 2017-18 — a robust growth of 44.52% compared to the previous year’s (2016-17) profit of Rs 6,459.64 crore in the country.

Information received from the Union agriculture ministry by RTI activist PP Kapoor revealed that 11 insurance firms, including government-owned Agriculture Insurance Company of India (AIC), earned a total of Rs 15,795.26 crore in the first two years of PMFBY. The RTI reply disclosed that the insurance firms got a gross premium of Rs 22,362.11 crore and paid an insurance claim of Rs 15,902.47 crore to 3,01,26,403 farmers in 2016-17.

Similarly, these firms disbursed claims of Rs 15,710.25 crore against a premium of Rs 25,045.87 crore to 1,26,01,048 farmers. The RTI reply, however, added that about Rs 512 crore approved insurance claims are yet to be paid, while majority of Rabi crop claims are yet to be estimated/ approved.

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The Tribune, 14 November, 2018,

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