ICICI Lombard has been a pioneer in bringing weather insurance solutions to India's farming community. Beginning with a small pilot for 230 groundnut and castor farmers in Mahbubnagar, as on date close to 80 weather insurance deals were executed across the country which have provided weather insurance solutions to 150,000 farmers covering an area of 225,000 acres.
ttese 80 deals represent experience in wide-ranging crops such as groundnut, castor, cotton, black gram, soybean, grapes, paddy and oranges, tte deals were executed across 9 states: Andhra Pradesh, Madhya Pradesh, Uttar Pradesh, Rajast-han,
Punjab, Karnataka, Gujarat, Maharashtra and Tamil Nadu, with a wide variety of intermediaries such as micro finance organizations, agri-input corporates, non governmental organizations, banks, governments, and Internet kiosks.
ICICI Lombard has a Memorandum of Understanding with Commodity Risk Management Group of the World Bank wherein the two parties have committed themselves to jointly work on devising innovative weather index based insurance solutions.
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