Crop insurance growth expected in 2024 due to government tech push.

TLDR:

• Agriculture insurance sector expected to see growth from 2024 onwards with a 2.5% premium growth rate.
• Government implementing technological initiatives to improve crop insurance accessibility and efficiency.

Key Elements of the Article:

The Economic Survey 2023-24 forecasts growth in the agriculture insurance sector starting from 2024, with an average real premium growth rate of 2.5% over the medium term. The survey noted that despite flat growth in FY23 due to declining premium rates, increased insured land area and farmer enrolments offset the decline.

To address concerns around crop insurance, the government has introduced various technological initiatives, including the YES-Tech Manual, WINDS portal, and enrolment app AIDE/Sahayak for satellite-based crop damage assessment. Door-to-door enrolment initiatives aim to make crop insurance more accessible to farmers, enhancing both efficiency and accessibility.

Currently, the government is implementing the Pradhan Mantri Fasal Bima Yojana and the Weather Based Crop Insurance Scheme to support agricultural insurance in the country.