Chandigarh, Feb 17: Insurance firms operating under the Pradhan Mantri Fasal Bima Yojana (PMFBY) recorded a net profit of Rs 2,096 crore in Haryana over the last three financial years. Data from the Union Ministry of Agriculture and Farmers Welfare indicates that while gross premium collections in the state reached Rs 2,827.02 crore between 2023 and 2025, total claims disbursed to cultivators amounted to Rs 731 crore.
The financial year 2025 emerged as the most profitable period for insurers in the state. During this timeframe, companies collected Rs 1,003.68 crore in premiums but paid out only Rs 95 crore in claims, resulting in a surplus of Rs 908.68 crore. This follows a consistent upward trend in earnings, with profits of Rs 472.10 crore in 2023 and Rs 715.24 crore in 2024.
The premium structure for the crop insurance scheme involves contributions from three parties. In Haryana, the state government and the Central government each contributed Rs 1,047.51 crore over the three-year period, while farmers paid a combined share of Rs 732 crore.
On a national scale, the profit margins for insurance providers were significantly higher. Across India, gross premium collections totaled Rs 82,015.52 crore from 2023 to 2025, with claims payments standing at Rs 34,799 crore. This left the insurance industry with a nationwide profit of Rs 47,216.52 crore.
Concerns regarding the implementation of the scheme have been raised by agricultural advocates. Balbir Singh Thakan of the All India Kisan Sabha, who analyzed the data from the official PMFBY portal, stated that the figures suggest the program is benefiting private firms more than the farming community.
“The huge profits garnered by the insurance firms indicated that this is a scheme meant to loot the farmers and not to protect their interests,” Thakan asserted. He also noted that farmers in districts such as Bhiwani and Charkhi Dadri have been organizing protests to demand the release of pending insurance claims.
