annual report 2008-09 - IRDA
annual report 2008-09 - IRDA
annual report 2008-09 - IRDA
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limited to district headquarters and a majority of<br />
weather stations are manually operated, hampering<br />
the expansion of weather insurance. IMD, however,<br />
has recently decided to expand and automate the<br />
weather stations’ network, and accordingly, about 550<br />
automatic weather stations and 1350 automatic rain<br />
gauges are expected to be installed in the near future.<br />
It is estimated that about 25,000 automated rain<br />
gauges and about 6,000 automated weather stations<br />
are required for the nation in order to implement<br />
weather based crop insurance on a country-wise<br />
basis.<br />
Insurance of Plantation Crops:<br />
To mitigate the increasingly uncertain production risk<br />
of Plantation and Spices crops, the Government of<br />
India is considering a proposal of comprehensive crop<br />
insurance for crops like tea, rubber, coconut, tobacco,<br />
cardamom, pepper, etc. while a pilot coconut palm<br />
ANNUAL REPORT <strong>2008</strong>-<strong>09</strong><br />
insurance designed by AIC in association with<br />
Coconut Development Board (CDB) is ready for a<br />
launch in about 20 districts spread over seven States.<br />
Insurance proposals for other crops are presently<br />
being examined by the Government. Incidentally, AIC<br />
is already implementing rainfall based insurance for<br />
coffee with premium subsidy from the Coffee Board.<br />
ix. Micro-Insurance<br />
Life Insurance Sector<br />
The Micro-Insurance portfolio has made steady<br />
progress in the year under review. More life insurers<br />
have commenced their Micro-Insurance operations<br />
and many new products have been launched during<br />
the year. The distribution infrastructure has also been<br />
considerably strengthened and the new business has<br />
shown a decent growth, though the volumes are still<br />
small.<br />
TABLE 41<br />
NEW BUSINESS UNDER MICRO-INSURANCE <strong>2008</strong>-<strong>09</strong> (LIFE)<br />
(Premium in Rs. lakh)<br />
Individual<br />
Group<br />
Insurer Policies Premium Schemes Lives covered Premium<br />
LIC 1541218 3118.74 6883 11052815 17268.54<br />
Private 610851 537.81 14 1498994 3326.80<br />
Total 2152069 3656.55 6897 125518<strong>09</strong> 20595.34<br />
Note: New business premium includes first year premium and single premium.<br />
Micro-insurance business was procured largely under<br />
group portfolio. While the individuals procured new<br />
business in the year of Rs.36.57 crore under 21.52<br />
lakh policies, the group business amounted to<br />
Rs.205.95 crore under 1.26 crore lives. LIC contributed<br />
most of the business procured in this portfolio by<br />
garnering Rs.31.19 crore of individual premium from<br />
15.41 lakh lives and Rs.172.69 crore of group premium<br />
under 1.11 crore lives.<br />
TABLE 42<br />
MICRO-INSURANCE AGENTS (LIFE INSURERS)<br />
Insurer As on Additions Deletions As on<br />
1st April,<br />
31st March,<br />
<strong>2008</strong> 20<strong>09</strong><br />
LIC 4166 2482 1 6647<br />
Private 418 281 96 603<br />
Total 4584 2763 97 7250<br />
The number of micro-insurance agents at end March<br />
20<strong>09</strong> was 7250; of which 6647 were for the LIC and<br />
the remaining represented the private sector<br />
companies. Fifteen life insurers have so far launched<br />
30 micro-insurance products. Of the 30 products,<br />
16 are for individuals and the remaining 14 are for<br />
groups.<br />
38
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