ICICI Lombard to provide weather-based cover in 8 states

MUMBAI: Private general insurer ICICI Lombard on Thursday said it will provide cover for weather-based crops to farmers in Madhya Pradesh, Bihar, Tamil Nadu, Karnataka, West Bengal, Chhattisgarh, Jharkhand and Himachal Pradesh

"We have been given the mandate by the respective state governments to provide weather- based crop insurance for Rabi season (2010-11). It will cover 69 districts, 30 loanee districts (farmers who have taken loans) and 39 non-loanee districts," ICICI Lombard General Insurance said in a statement here.

The major crops that the private insurer would cover for Rabi season (2010-11) are winter paddy, cotton, wheat, mustard, barley, maize, onion, potato, tomato, lentil, peas, arhar, jowar, fenugreek, coriander, cumin, methi, isabgol, brinjal, it said.

ICICI Lombard had insured over 29 lakh farmers and over 19 lakh acres across 14 states in 2009-10. Of this, 242,000 farmers and nearly 16 lakh acres of land were covered during Rabi season (2009-10), it said.

"The rural economy faces economic strain due to the variability in agriculture production and weather insurance protects the farmer against financial loss arising out of adverse weather conditions. We consider it to be our privilege to have been chosen to provide weather based crop insurance farmers in 10 states," ICICI Lombard General Insurance Director (Corporate) Alok Agarwal said.

ICICI Lombard GIC is a 74:26 joint venture between ICICI Bank and Canada-based diversified financial services firm Fairfax Financial Holdings.