Insurance companies made Rs 40,000 cr in 5 years under PMFYB scheme

Under the central government's flagship scheme, Pradhan Mantri Fasal Bima Yojana (PMFBY), insurance companies had made around Rs 40,000 crore between 2016-17 and 2021-22, according to a media report on Saturday.

According to the Times of India report, Narendra Singh Tomar, Union minister for agriculture, said the companies paid claims worth Rs 119,314 crore to farmers against the total premium collection of Rs 159,132 crore under PMFBY.

For the implementation of the scheme, the government roped in 18 general insurance companies, aimed to provide financial support to farmers suffering crop loss or damage arising out of natural calamities. 

“Since inception of the scheme