Mumbai: The government has now allowed all the four public sector general insurers to participate in its ambitious farm insurance schemes - Pradhan Mantri Fasal Bima Yojana (PMFBY) and Unified Package Insurance Scheme - with a potential of over $2.5 billion in premium collection.
The government had kicked off the scheme on June 1 without involving any of the four public sector general insurers, who control almost 50 per cent of the market.
Only 11 private sector players were allowed to participate as they have better experience in crop insurance schemes, an area which state-run companies were almost eschewing so far. The PMFBY has replaced the existing two crop insurance schemes - National Agricultural Insurance Scheme (NAIS) and Modified NAIS. IANS
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