Three-pronged approach on Agriculture Insurance emerges
With the increased thrust of the Government on Crop insurance and the large risk exposures that Indian insurers carry today, Agriculture insurance has of late become an area of interest much beyond traditional non-life insurance circles, even for the common man.
Mr. P.J. Joseph, Member (Non-life), Insurance Regulatory and Development Authority of India, the Chief Guest of the Seminar pointed out that protecting farmers, who are quite vulnerable to the economic fallouts of such events using the insurance has been a priority of the Government of India. Mr. G Srinivasan, Chairman-cum-Managing Director, New India Assurance Company and President of the Insurance Institute of India mentioned how the Indian insurance industry and the Government have been contributing to the cause and supporting such initiatives. Welcoming the erudite audience Mr. P. Venugopal, Secretary General of the institute extended all knowledge support that the industry would require in making the Governmental vision, a reality.
Ms. T.L. Alamelu, Chairman-cum-Managing Director, Agriculture Insurance Co. of India, discussed the challenges faced by the industry in implementing the Government schemes. Mr. Mayur Ankolekar, Consulting Actuary, highlighted the need of synchronizing Agricultural Insurance with the Disaster Risk Financing Framework and the need for using technology to find innovative solutions. Mr. Shankar Garigiparthy, Country Manager - India of Lloyds spoke about the importance of carefully developing the Agriculture Insurance Market in a systematic manner. Mr. Malay K. Poddar, General Manager and Chief of Internal Audit, AIC of India enumerated the underwriting challenges faced in Agriculture Insurance especially with respect to Government schemes and the need to find practical solutions to plug the loopholes. The Reinsurance Angles of the Indian agriculture industry were deliberated upon by Mr. Kolli N. Rao, Senior Advisor – Agriculture, International Reinsurance and Insurance Consultancy and Broking Services Pvt. Ltd. Dr. R. K. Duggal, Faculty, College of Insurance, the training arm of the Institute flagged the highlights and the context of the seminar. Mr. Arindam Mukhrjee, Director of the College of Insurance in his valedictory speech pointed out that the enormous problem of protecting farmers through the insurance mechanism had to be dealt with by creating general awareness, focused customer education and training all the stakeholders in the value chain.
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