Monday, April 13, 2015

Crop losses due to unseasonal rains to top Rs 100 cr

Unseasonal rains and hailstorms are likely to result in insurance claims to the tune of Rs 100 crore for crop losses, as per Agriculture Insurance Company (AIC).

Uttar Pradesh may top the list of states when it comes to crop insurance claims and AIC has exposure to only 13 districts in the Bundelkhand region and is staring at claims of Rs 25 crore from the state.
for 2014-15, the company has already settled Rs 5,167.58 crore in claims and underwritten Rs 2,750 crore in premium.

For AIC, Madhya Pradesh topped the chart in claim settlement during 2014-15 and the company had to pay Rs 2,000 crore in this state alone. It was followed by Tamil Nadu (Rs 800 crore), Andhra Pradesh (Rs 400 crore) and Uttar Pradesh (Rs 270 crore).

Largest private sector general insurer ICICI Lombard had an underwritten premium of around Rs 500 crore during 2014-15

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