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Weather-based crop insurance scheme (WBCIS) products proposed by four insurance providers was compared and evaluated using historical weather data for piloting WBCIS on kharif groundnut in Coimbatore, Dharmapuri, Theni, Tirunelveli and Virudhunagar districts of Tamil Nadu. Water deficits during the vegetative phases of groundnut crop generally delay flowering and maturity thereby reducing the crop growth and yield. The study revealed that the deficit rainfall risk was more pronounced in all the abovementioned districts, whereas the risk of excess rainfall impact could be clearly observed in Theni district. Though the occurrence of strike events was for phase- I of deficit rainfall cover, the rate per mm of rainfall fixed by IFFCO-TOKYO was quite low. The product designed for HDFC-ERGO and MS-Cholamandalam was similar, whereas the product for AIC and IFFCO-TOKYO was designed with little variation in context to excess rainfall cover and consecutive dry days. The compensation benefit realized by the farmers of Virudhunagar and Dharmapuri districts was higher followed by Theni because the compensation rate per mm of rainfall fixed by the company was higher, which favours the farmers.

Keywords

Insurance Companies, Payout, Product Design, Strike Events.
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