Page 38 - Insurance Times February 2016

of agencies provide the insurance cover and foreign Assurance, Kolkata, stressed upon the needs of preventing
insurance companies have already ventured in such areas. disasters by improving upon technology. He said that there
is a need to develop a culture for prevention of disasters
This implies that the commercial and private sector can also and the cost of prevention will be much less compared to
play an essential role in disaster mitigation. There is need post disaster Restoration cost.
to create massive education/awareness for the need of
insurance against natural disaster if we want to reduce the The Technical Session was dealt by Mr Anabil Bhattacharya,
impact of disaster on the community. Participation of the Faculty Member & Chief Manager, National Centre for
Public private and community can help reduce the risk and Insurance Learning and Mr Pronoy Roy, AE, Public Health
vulnerability and help in early. Engineering Department.

Mr Sandeep Kumar Deb, Vice President, Institutions of Mr Anabil Bhattacharya presented his views and said that
Valuers, stressed upon the need of valuation of property Disaster Management (or emergency management) is the
before taking insurance cover, so that there is no under creation of plans through which communities reduce
insurance and properties are insured at full value. He said vulnerability to hazards and cope with disasters. Disaster
insurance companies did not give much weightage for Management does not avert or eliminate the threats;
valuation of property before the loss, which is a reason for instead it focuses on creating plans to decrease the impact
impending disputes after the loss. of disasters.

He urged the need of proper town planning so that incidents Failure to create a plan could lead to damage to assets,
of flooding that happened in Chennai due to faulty planning human mortality, and lost revenue. Events covered by
can be avoided. He called for more coordination between Disaster Management include acts of terrorism, industrial
the Institution of engineers and Institute of Insurance sabotage, fire, natural disasters (such as earthquakes,
Surveyors and Loss Adjusters, so that more research work hurricanes, etc.), public disorder, industrial accidents, and
can be conducted in this area. communication failures.

Mr Amit Mishra, Chief Regional Manager, New India The Vote of Thanks was delivered by Swapan Basu who is
Surveyor and Co-ordinator.

New Crop insurance policy released on Makar Sankranti

Prime Minister Narendra Modi had revealed a new crop insurance policy on the eve of 'Makar Sankranti' which can be
availed by farmers by paying a minimal affordable premium. Under the Pradhan Mantri Fasal Bima Yojana (PMFBY),
which will be rolled out from the kharif season beginning June, farmers across the country will have to pay a uniform
premium of 2% for all kharif crops and 1.5% for all the rabi crops to ensure full claim. The flagship initiative is expected
to cost the exchequer Rs 8,800 crore when it is implemented fully by 2018-19.

The PMFBY replaces the National Agricultural Insurance Scheme and Modified National Agriculture Insurance Scheme
under which farmers had to pay premium between 15 per cent and 57 per cent to insure crop depending on risky crop
and areas. The PMFBY has been unveiled at a time when Modi is under attack from the opposition for ignoring the
agriculture sector which has been facing the brunt of unseasonal rainfall and two successive droughts.

The PMFBY has been expanded to cover crop loss due to hailstorms, land slide and inundation of farms, Modi said
adding the scheme would also extend to post-harvest losses due to cyclonic and unseasonal rains.

!! Hearty Congratulations !!

Thanks readers for excellent response to our Insurance Quiz published in our December 2015 & January 2016 issue.
We are pleased to announce Mr. Arun Gandhi as the winner of the lucky draw for our Insurance Quiz December 2015
issue & J.H. Gondaliya as the winner of the lucky draw for our Insurance Quiz January 2016 issue.

Who will be the next?????

38 The Insurance Times, February 2016

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