Finance Minister Nirmala Sitharaman on Tuesday said that raising the FDI limit to 100 per cent in the insurance sector will help attract more capital, improve competition and increase insurance penetration by making policies more affordable.
The government is likely to introduce a bill seeking amendments to the Insurance Act, 1938, during the upcoming Budget session to achieve 'Insurance for All by 2047'. Some of the provisions, which could be part of the amendment bill, include composite license, differential capital, reduction in solvency norms, issuing captive license, change in investment regulations, one-time registration for intermediaries and allowing insurers to distribute other financial products, sources said.
Motor insurance is expected to generate largest claims for the companies whereas for crop insurance, the Agriculture Insurance Company is expecting claims of about Rs 15-16 crore
Farmers will no longer have to wait endlessly for claiming their payments from the government.
Tamil Nadu ranks lowest in terms of crop insurance penetration, which is just 3.12 per cent, as compared with 25-40 per cent in other states in the country.
In a bid to protect farmers from vagaries of nature, Union Finance Minister P Chidambaram on Thursday launched a weather insurance scheme 'Varsha Bima 2005' that will quickly compensate peasants for crop failures and lower yields due to inadequate ra
Currently, the Department of Agriculture runs two crop insurance schemes, one of which is weather-based.
The final agriculture GDP numbers for 2016-17 are expected to be revised up, as rabi production is looking really good.
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