National Conference on Risk Mitigation through Tech Innovations in Agri Insurance

Farming is a risky activity that is undertaken by farmers to ensure that the entire nation is provided with food and nutrition. In a country of over 1.2 billion people this is a herculean effort undertaken every year by the dedicated farmers, on small size farms, across the country.

FICCI organized a one day National Conference on Risk Mitigation through Tech Innovations in Agri Insurance on 7th August. Shri Pravesh Sharma, Adviser, FICCI and CEO Kamatan Farm Tech Pvt Ltd., Welcomed the delegates and Shri Rajiv Chaudhary, CMD, Agriculture Insurance Company of India Ltd., delivered the Special Address and Dr Ashish Kumar Bhutani, CEO(PMFBY) gave the Inaugural address. 

The seminar was divided in the two sessions. The session 1 was devoted to the Efficient Partnership models: game changer for Agri Insurance Sector and the second session was on Broad basing impact of PMFBY through Tech Innovations. 

Risk is inherent in agriculture since the production process takes place under the open sky. Crop insurance has of late been found to be more effective way of helping farmers tide over unfavorable weather outcomes, besides reducing the financial burden on the farmer. Government of India has launched the Pradhan Mantri Fasal Bima Yojana (PMFBY) which is more farmer friendly in comparison to earlier versions. Simplified provisions and reduced premium for farmers in PMFBY has resulted in both increased awareness among farmers and increase in coverage of area and crops. 

Climate change and its associated downsides are also adversely affecting the Indian agriculture along with everything else. While several policies are in place to curb global warming and its effects, in my opinion, climate change’s impacts are far from being repaired. The rising rural distress due to repeated droughts are signals to attune ourselves to climate risk.

The delegates were from the Insurance sector and the deliberations may benefit the farmers and the companies engaged in the risk management.