Iffco-Tokio General Insurance Co Ltd (ITGI), a player in general insurance, received overwhelming response for its recently-launched Barish Bima Yojana (BBY) in Karnataka for 2005-06. |
The company, through BBY, has covered over 5,200 farmers in the seven districts of Karnataka, which include Gadag, Dharwad, Kolar, Chitradurga, Tumkur, Bijapur and Bellary. |
Based on the success of last year, the company has extended its reach by increasing the number of weather stations from 9 to 29 in 5 districts. |
Barish Bima Yojana provides protection to farmers against deficit rainfall. The policy covers shortage in rainfall based on the variation between the 'total weighted actual rainfall' (total of specified 4 months i.e July to October) and the 'total weighted normal rainfall' (total of specified 4 months i.e. July to October) in specified reference weather stations, based on the rainfall data provided by centres recognised by the India Meteorological Department (IMD). |
This policy is not linked to the declaration or non-declaration of drought by any official agency. The actual yield of crops is not measured as it is the rainfall deficiency that is insurable and not the actual shortfall in the crop yield. |
ITGI is a joint venture promoted by Indian Farmers Fertiliser Co-operative (IFFCO) and its associates and The Tokio Marine and Nichido Fire, the largest insurance company in Japan. The Indian promoters' contribution is 74 per cent, while Tokio Marine has contributed 26 per cent through group company Tokio Marine Asia Pvt Ltd. |
ITGI has a network of 92 offices across the country and many more are in the pipeline for the coming year. As per the latest IRDA figures, ITGI has grown at a rate of 79 per cent, and has garnered a market share of 4.4 per cent. |