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Empowering Indian Agriculture: The Significance of Crop Insurance in a Vibrant Landscape

India, with its diverse agro-climatic zones and millions dependent on agriculture, faces the ever-present challenge of ensuring food security amidst unpredictable weather patterns. In this dynamic scenario, crop insurance in India emerges as a crucial tool, not just for individual farmers but for the resilience of the entire agricultural ecosystem.

Understanding the Landscape:

Agriculture in India: The Backbone of the Economy:

Agriculture employs a significant portion of India’s population and forms the backbone of the nation’s economy. The livelihoods of millions are intricately tied to the success of their crops.

Vulnerabilities in Indian Agriculture:

India, with its diverse geography, is prone to a variety of risks, including monsoon variability, cyclones, and pests. These uncertainties make the need for a robust risk management system imperative.

Crop Insurance Programs in India:

Pradhan Mantri Fasal Bima Yojana (PMFBY):

Role of Government Support:

The Indian government actively supports crop insurance through subsidies, making it accessible for farmers across the country. The integration of technology, like satellite imagery, further enhances the accuracy of assessments and claims.

Challenges Faced by Crop Insurance in India:

Despite its importance, crop insurance faces challenges such as low awareness, delayed claim settlements, and the need for improved infrastructure. Addressing these challenges is key to maximizing the benefits of these programs.

Opportunities for Improvement:

Embracing technology, increasing awareness through outreach programs, and enhancing the efficiency of the claims process present significant opportunities for further strengthening crop insurance in India.

Contributing to Sustainable Practices:

Crop insurance can play a pivotal role in encouraging Indian farmers to adopt sustainable agricultural practices. With financial security, farmers are more likely to invest in techniques that promote long-term soil health and environmental sustainability.

Conclusion:

In the vast fields of Indian agriculture, crop insurance stands as a beacon of support, offering a safety net against the uncertainties that farmers face. As India strives for agricultural sustainability and food security, the continued evolution and effective implementation of crop insurance programs are not just policies; they are investments in the resilience and prosperity of the nation’s agricultural landscape.

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Kshema General Insurance is an insurance company that operates digitally and focuses primarily on serving cultivators in the Agriculture and Food Sectors in India.

The company's mission is to provide insurance coverage to cultivators across the country, protecting them from income shocks caused by extreme climate events and other uncertainties. For more detailed information about their insurance products and services, you may visit their official website at https://kshema.co/.

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Kshema General Insurance to Focus on Crop Insurance

The Hyderabad-based company, which started revenue operations early this year, has two tech driven crop insurance products, Sukriti and Prakriti as of now which offer cover on the basis of various parameters

New insurance player, Kshema General Insurance, has lined up about 20 products to cater to agricultural insurance as well as the needs of the farmers, according to its Founder - Chairman Natraj Nukala.

As per license, we are a general insurance company. But our focus is going to be on agricultural insurance. About 80 to 85 percent of our portfolio would be agriculture and the rest will be conventional catering the other needs of farmers predominantly,’‘ Natraj tol

The Hyderabad-based company, which started revenue operations early this year, has two tech driven crop insurance products, Sukriti and Prakriti as of now which offer cover on the basis of various parameters such as location and type of perils with some specifications. “We have already filed for another product, Suvidha, with the regulator and are expecting approval soon. This will give us further edge in the market,’‘ Nukala added. Kshema also has another 20 products in the pipeline to cater to various requirements of crop insurance which are going to be launched down the line. On the market potential, Nukala said with advancements in technology, which can be an efficient enabler, there is huge scope for crop insurance solutions.  Farmer’s portal: How to get crop insurance? “Technology is definitely a big advantage because it increases, improves the transparency and the trust building factor is quicker. For example, we can put all the processes, checks and balances with its help.

You can use satellite-based images almost every day.,’‘ he said. Kshema is also working towards putting in place a technology driven process that can settle a claim in 48 hours.

The promoters infused Rs 120 crore capital in Kshema so far. “We are expecting break-even by the fifth year as the sectors [agriculture and allied] are very scalable and we believe we have inherent strengths in this field

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Kshema is India’s Digital Insurance Company For Agriculture & Food Sectors

Kshema is India’s digital Insurance company that caters predominantly to cultivators of the Agriculture & Food Sectors. Our mission is to enable resilience among cultivators across the country, from income shocks due to extreme climate events and other vagaries, with insurance.

I AGRI — our proprietary location-aware platform that assesses and prices risk adequately allows us to address pre-harvest risks at a farm level. Developed in partnership with leading global experts in Spatial data sciences, actuaries, financial engineers and remote sensing experts among others, the platform allows us the benefit of drawing evidence-based results to expand the scope of our services beyond traditional risk analyses.

• A D2C rural insurance company with emphasis on creating products for cultivators.

• Kshema would create insurance solutions, through geo-tagging for many location-specific pre-harvest risks faced by cultivators.

• We aim to incentivize sustainable cultivation practices contributing to a ‘Net Zero Emissions Planet’ and Sustainable development Goals in the future.

• A well-capitalized company led by promoters with a progressive vision and a growth mindset.

• Kshema is an equal opportunities provider. Whether it’s our employees, vendors or partners, we only consider their merit and the value they create.We are changing the world, one farmer at a time — if you are passionate about creating impact on a global scale — join our journey.