The crop insurance segment in India has faced significant headwinds, with premiums declining 43.6% YoY in 11M FY2026. This sharp decline has been a major drag on the non-life insurance industry's overall growth, highlighting the structural challenges in India's agricultural insurance framework.
The Pradhan Mantri Fasal Bima Yojana (PMFBY)
Launched in 2016, PMFBY is India's flagship crop insurance scheme, aiming to provide affordable insurance coverage to farmers against crop loss due to natural calamities, pests, and diseases.
Sources: Business Standard (April 2026), ICRA Insurance Sector Report (April 2026)