In FY24, crop insurance coverage decreases as four major insurers reduce their exposure.

During FY24, despite the government's efforts to increase insurance coverage in the agricultural sector, general insurance companies decreased their exposure to crop insurance under the Pradhan Mantri Fasal Bima Yojana (PMFBY).

Insurance companies' gross direct premium underwritten fell 4.1% to Rs 30,677 crore in the fiscal year, compared to Rs 32,011 crore the year before, despite farmers suffering crop losses as a result of heatwaves, floods, and unseasonal rains.

In the preceding fiscal year (FY23), the underwritten crop insurance premium increased by 8.66 percent to Rs 29,465 crore.