In-depth report on the crop (re)insurance market in India by Lloyd's and RMS
RMS has published in cooperation with Lloyd's of London an insightful market report on the crop (re)insurance market in India. After an overview of crop (re)insurance in India, the report details the impacts of weather and climate on crop yield and crop insurance losses, explains crop risk modelling, and highlights the findings of a study on Indian crop risk. Before concluding the report, RMS and Lloyd's explain the correlation between crop and property insurance risk and detail potential drivers.
As the second largest agriculture market in the world, crop insurance in India represents an ever-expanding market segment for insurers. Hereby, 60% of the crop remain uninsured, despite the vast extreme weather events present on the Indian subcontinent, droughts being particularly dangerously common. Latest developments show that the Government of India is keen to reduce the protection gap of the agriculture market, and look to the (re)insurance market to provide capacities and resources in achieving so.