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ICICI Lombard General Insurance on Tuesday said it offers customised weather-based crop insurance to help farmers cover losses caused by weather damage under its weather-based crop insurance.
ICICI Lombard is a 74:26 joint venture between ICICI Bank and Fairfax Financial Holdings of Canada.
The company`s weather insurance comes with multiple features, such as customisation of insurance products as per the need of weather risk and flexibility for farmers to take up insurance for a particular critical stage of crop growth or for the entire crop cycle. The company has also introduced text messaging for contract farmers to update them about the weather conditions from the sowing to the harvesting cycle.
Pranav Prashad, head (rural insurance) of ICICI Lombard, said, “ICICI Lombard`s weather-based crop insurance provides security against unpredictable weather conditions faced by farmers. For a nominal price, this insurance cover helps farmers tide over the uncertainty of weather to their crops and vegetables, which might lead to the loss of their livelihood.”
An expected rainfall shortage this year across the states of Punjab, Haryana, Uttar Pradesh, Madhya Pradesh, Andhra Pradesh and Maharashtra could result in significant crop loss for farmers.
ICICI Lombard said it has extended weather insurance benefits to more than 250,000 farmers across India.
The states covered are Rajasthan, Gujarat, Andhra Pradesh, Madhya Pradesh, Chhattisgarh, Tamil Nadu, Karnataka, Punjab and Haryana.

Source:
http://www.mydigitalfc.com/news/icici-lombard-offers-customised-crop-insurance-6

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