India – Reinsurers’ interest in crop scheme dampens-
Wednesday, 07 26 2017, Category: Insurance and Reinsurance, Country: India
Indian government officials have raised concerns over potentially inadequate reinsurance supply for the Pradhan Mantri Fasal Bima Yojana, the government-sponsored crop insurance scheme, as global reinsurers appear to be losing interest in supporting the scheme.
Money Control cited industry sources who said global reinsurers operating in India have reduced exposure to the scheme and the high-risk crop insurance segment.
This is problematic for the Indian government which has announced plans for the crop insurance scheme to expand from its current 40% to 50% of India’s total cropped area by 2018-2019.