News From Press Wary of crop segment, insurers run for cover

Wary of crop segment, insurers run for cover

ICICI Lombard has exited, others are set to follow suit

Business Line Nov 6, 2019

Faced with significant losses from natural calamities, a number of general insurers are understood to be reviewing their crop insurance portfolios and even considering moving out of the segment.

While ICICI Lombard General Insurance has already announced its decision to exit crop insurance under the Pradhan Mantri Fasal Bima Yojana (PMFBY) due to high reinsurance rates, industry data suggest that Cholamandalam MS General Insurance has also exited the segment.

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