SBI General Insurance is looking at doubling its crop insurance cover during the current fiscal. "State-run reinsurer GIC Re plans to become the world's second largest agriculture reinsurer due to its participation in PMFBY. "We have underwritten premium to the tune of Rs 100 crore in the crop insurance segment in the last fiscal and we are looking at doubling our crop insurance cover during the current fiscal thanks to PMFBY," SBI General Insurance Managing Director Pushan Mahapatra said.Talking about state-run general insurers joining the bandwagon, he said, "More number of players will bring better competition and better risk management practices. We are working with Agricultural Insurance Company (AIC) as they are providing us technical knowhow on the subject," its Chairman and Managing Director Sanath Kumar said. "Our share as reinsurer in PMFBY is already at 30-40 per cent.

Source: Economic Times July 03, 2016 09:56 UTC