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Tuesday, December 28, 2010

ICICI Lombard to offer weather insurance

ICICI Lombard General Insurance Company Ltd has been given the mandate to
provide weather-based crop insurance for the ongoing Rabi season in Tamil
Nadu. It would cover Villupuram and Dindigul districts in the state.
The crops that ICICI Lombard would cover for the season are paddy, maize,
vegetables, flowers, groundnut, gingelly, mango, tomato, chillies, tapioca and
pulses. In Tamil Nadu, for the last Rabi season, ICICI Lombard had covered
1,384 farmers and 22,382 acres of land, according to a company release.
The weather-based crop insurance provides cover against weather-related risks
faced by crops such as excess or deficit rainfall, variations in temperature and
fluctuations in humidity.
This scheme facilitates immediate compensation based on certified data
collected from independent third-party bodies such as the Tamil Nadu Agriculture
University (TNAU), Tamil Nadu Water Resources Department (TNWRD), Central
Tobacco Research Institute (CTRI). This transparent and objective method of
claim settlement removes the need for carrying out field surveys, it said.
“This is a unique insurance scheme, where the beneficiary is not required to file a
claim for loss to receive a payout. Instead, ICICI Lombard proactively intimates
and settles the claim amount to the beneficiary based on certified data collected
from independent third party bodies,” it said.

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