PriyaPatel
TLDR:
Key Points:
- The agriculture insurance sector is projected to see growth from 2024 onwards with an average real premium growth of 2.5% over the medium term.
- Technological advancements and government initiatives are expected to boost the sector.
The Economic Survey 2023-24 highlights the potential growth of the agriculture insurance sector starting from 2024. In the past year, the sector experienced flat growth due to a decline in premium rates, but this was offset by increased insured land area and farmer enrolments. The survey predicts a rise in premiums with the help of mobile applications and remote sensing for crop loss monitoring. The government has also launched various technological initiatives like the YES-Tech Manual, WINDS portal, and enrolment app AIDE/Sahayak to address concerns around crop insurance. These measures aim to improve the efficiency of crop damage assessment and accessibility to farmers.
In conclusion, the future of the agriculture insurance sector looks promising with the support of technological advancements and government initiatives. The focus on improving infrastructure and accessibility is expected to drive growth in the sector post-2024.
