Crop insurance premiums top payout by 45% in Maharashtra over 8 years

MUMBAI: In Maharashtra, that has experienced droughts, unseasonal rains and floods wrecking farmland, premiums paid to insurance companies have still outstripped compensation paid to farmers. Companies were paid Rs 52,969 crore in premiums between 2016-17 and 2023-24, but payout to farmers totalled Rs 36,350 crore under PM Fasal Bima Yojana , as per data presented at a review meeting earlier this week.

In this 8-year period, 12.8 crore farmers applied for the insurance scheme, of which 6.2 crore received compensation. Premiums paid to insurance companies were worth Rs 52,969 crores. Payout from insurers to farmers totalled Rs 36,350 crore, the data shows. Officials say though the state has experienced several natural disasters, it has also had many good years with a plentiful monsoon and a high crop yield.