The newest general insurance company that would just focus on agriculture aims to double the premium collections to ₹1,000 crore by end of this financial year, insuring more than a hundred different crops, from ₹400 crore premium income earned so far.
Kshema General Insurance became the first insurer this year to receive a license from Irdai after a gap of five years.
Kshema has bid for kharif crops under the Pradhan Mantri Fasal Bima Yojana along with other insurers including ICICI Lombard, Cholamandalam and Tata AIG General Insurance. Of the over 170 crops, the company has shortlisted about 100, including fruits, vegetables, and spices that are not covered under the governemnt insurance scheme to also focus on.
The company began operating on May 5, starting with ₹125 crore, backed by Ramachandra Prasad Nalam, Natraj Nukala and Krishna Burugopall Vyasa. The founders aim to break even in five years and will put in another ₹100 crore capital.
