Millennium Post

Agri Insurance Company pegs Crop loss due to unseasonal rains at `100 crore

“We are currently busy assessing claims out of the damaged crops due to unseasonal rains. We estimate the claims may exceed Rs 100 crore,” Rajeev Chaudhary, General Manager, AIC, a specialised crop insurer, said. Uttar Pradesh may top the list of states when it comes to crop insurance claims, Chaudhary said, adding that AIC has exposure to only 13 districts in the Bundelkhand region and is staring at claims of Rs 25 crore from the state. He said for 2014-15, the company has already settled Rs 5,167.58 crore in claims and underwritten Rs 2,750 crore in premium. For AIC, Madhya Pradesh topped the chart in claim settlement during 2014-15 and the company had to pay Rs 2,000 crore in this state alone. It was followed by Tamil Nadu (Rs 800 crore), Andhra Pradesh (Rs 400 crore) and Uttar Pradesh (Rs 270 crore).

Largest private sector general insurer ICICI Lombard had an underwritten premium of around Rs 500 crore during 2014-15, according to a senior company official. “We had around Rs 500 crore underwritten premium during 2014-15. Our loss ratio under the crop insurance segment in 2013-14 was at 100 per cent,” ICICI Lombard’s chief for underwriting and claims, Sanjay Datta said.
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