-The Tribune
Pocket more than Rs 8,000 cr in two years; Rs 11 cr a day on average
Chandigarh: Rs 11 crore in a day! That was the average of profit of the private insurance companies from Pradhan Mantri Fasal Bima Yojana in the past two financial years.
There were 18 companies that got contracts under the crop insurance scheme. Out of them just five are in public and 13 in the private sector.
So far in the two years of the scheme, all 18 companies earned profit of Rs 15,795 crore. However, a big share of the profit has gone to the private companies as they earned Rs 8,147 crore.
In year-wise break-up, in the 2016-17 financial year, the profit of 13 private companies was Rs 3,283 crore and in 2017-18, their profit was Rs 4,863 crore.
Among private insurance companies, 80 per cent of the profit went to just five companies. Among them, HDFC topped the chart with Rs 1,816 crore profit, followed by Reliance at 1,361 crore, Universal Sompo General Insurance Company Rs 1,195 crore, ICICI Rs 1,193 crore and SBI General Insurance Rs 1,059.
Please click here to read more.