Page 6 - Insurance Times October 2020

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Millets covered under crop undation, high wind speed and land- September to Rs. 1,542 crore, against
insurance scheme in slides, the official said. Rs. 1,118.25 crore in the year-ago pe-
riod.
Kerala "It is a welcome decision to promote Also, the regulator 's drive to nudge
millet farming considering the climate
Millet crops have secured a place in change impacts and nutritional at- insurers to sell standardised health
the Restructured Weather based Crop tributes. The decision can persuade products has done the trick as there is
Insurance Scheme (RWBCIS) imple- the farmers in other parts of Kerala a huge demand for the Corona Kavach
mented by Agriculture Insurance Com- also, to further extend the area under and Corona Rakshak policies.
pany of India. farming of these super food crops, General insurers, saw their premium
As per the recommendations of the Indira Devi, former Director of Re- dip 4.31 per cent to Rs. 18,841.67
farming community, the State Level search, Kerala Agricultural University crore, compared to Rs. 19, 691.48
Coordination Committee on Crop Insur- said. crore in the year-ago period.
ance (SLCCCI) has notified millets which Millets in Kerala are cultivated on 284 In the first half of the current financial
include Sorghum (cholam), Finger Mil- hectares in Palakkad and Idukki, mainly year, while the premium collection of
let (Ragi/Koovaragu), Pearl Millet by tribes. general insurers witnessed a drop of 1
(Bajra/Kambu), Proso Millet per cent to Rs. 81,511.49 crore, that
(Panivaragu), Barnyard Millet General insurers' premium
(Kavadappullu), Foxtail Millet (Thina) of standalone health insurers rose 28
and Little Millet (Chama) for the drops 4% in Sept per cent to Rs. 7,810.97 crore. The
scheme. Non-life insurers are back in the red in industry's premium collection surged
1.57 per cent to Rs. 97, 025 crore.
The RWBCIS, being implemented in the month of September with pre-
Kerala under PMFBY since Kharif 2016, mium collection dipping 4.41 per cent,
has recently incorporated several despite a jump in premium collection With PMFBY scheme turn-
farmer-friendly changes, inclusion of by standalone health insurers. ing optional, crop cover
new crops under the scheme being the In September, non-life insurers, which
major one. include general insurers, standalone premium declines
The crop-specific insurance covers no- health insurers, and specialised public Crop insurance premium portfolio de-
tified for millets are deficit rainfall (July- sector insurers, collected premium of clined in September after recording
August), rise in day temperature (June- Rs. 23,056 crore, against Rs. 24,121.56 positive growth in the previous
August) and unseasonal excess rainfall crore in the same period last financial months, due to the lesser number of
(May-September). The farmers are year. Standalone health insurers, on States participating in PMFBY.
also eligible for claims assessed at in- the other hand, saw their premium The gross direct premium for Agricul-
dividual field levels for the perils of in- collection surge almost 38 per cent in tural Insurance Corporation of India
The Insurance Times, October 2020