Strongly contesting the charge of the Congress and a report of the Centre for Science and Environment (CSE) that private insurance companies have made huge profits from the PM Crop Insurance Scheme, top government officials told ET that crop insurance claims depended on whether there was a good monsoon or not and taking just one year as a benchmark to assess the scheme's effectiveness was simply not adequate.
The CSE report released few days ago said that companies raked in a huge profit of around Rs 10,000 crore as on April 2017 due to low claim reported in relation to the premium charged. Congress made the same charge in Parliament last week saying against premium paid to the tune of Rs 16675 Cr during the Kharif 2016 season, claims only to the tune of Rs 6478 Cr were paid, bringing "big profits" to private companies.
