Private Cos pull out of PM crop insurance scheme due to unviable biz model

At least three private insurers, ICICI Lombard General Insurance, Tata AIG and Cholamandalam MS General Insurance, have pulled out of the Pradhan Mantri Fasal Bima Yojana (PMFBY or prime minster's crop insurance scheme). This has raised concern on viability of its business model. Together, these companies accounted for about Rs 3,000 crore of premium. The three have not bid for the scheme this financial year.  E-mails to Tata AIG and Cholamandalam did not elicit a response. A senior official at ICICI Lombard only said it had not participated in the scheme this year. .....

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