ICICI Lombard General Insurance, the second largest company in the health insurance space (as per provisional and un-audited data from IRDA for the period April-December 2008), offers farmers the opportunity to cover crop losses caused by weather damage under their Weather Based Crop Insurance ICICI Lombard is the pioneer of weather insurance in India.
ICICI Lombard is the pioneer of weather insurance in India . The Governments of Karnataka and West Bengal has made it mandatory for farmers to procure weather insurance from ICICI Lombard for groundnut and paddy crops respectively. Recently, ICICI Lombard received the 'Golden Peacock Eco-Innovation Award - 2009' for their weather in surance product. The company in troduced text messag in g service for contract farmers to update them about the weather conditions dur in g sow in g to the harvest in g cycle.
ICICI Lombard’s weather insurance comes with multiple features like:
Customization of in surance products as per need of weather risk Flexibility for the farmers to take up in surance for a particular critical stage of crop growth or for the entire crop cycle. According to Pranav Prashad, Head, Rural Insurance, ICICI Lombard , “ICICI Lombards’ Weather based Crop Insurance provides security aga in st unpredictable weather conditions faced by farmers. We believe in settling every rightful claim in a smooth and transparent manner. For a nom in al price, this in surance cover helps farmers tide over the uncerta in ty of weather to their crops & vegetables, which might lead to their loss of livelihood".
An expected rainfall shortage this year across the states of Punjab , Haryana, UP, MP, AP & Maharashtra, could result in significant crop-loss for the farmers. ICICI Lombard has extended weather in surance benefits to more than 2,50, 000 farmers across India . The states covered under the (WBCIS) are Rajasthan, Gujarat, Andhra Pradesh, Madhya Pradesh, Chhatisgarh, Tamil Nadu, Karnataka, Punjab and Haryana.
