Insurance companies in India have not been able to come up with proper crop insurance schemes as the risk factor weighed heavily on them as they did not have any historical data on which any risk assessment model could be built, reveals a paper presented at the three-day annual convention of the Operational Research Society of India (ORSI) that began at the SOA University here on Thursday.
The paper said that gaps exist between various crop insurance schemes. The Central Government have either encouraged or directly participated in setting up of risk sharing institutions.
Speakers including ORSI president Prof Asish Kumar Chattopadhyay and Bhubaneswar chapter president Prof RN Subudhi said crop insurance is one of those ways by which farmers could stabilize farm income and investment against disastrous effect of losses due to natural hazards or low market places. Operations research studies are carried out to find out alternate feasible and optimal solutions to provide guideline to decision makers.
Among others, programme chair Prof Arabinda Tripathy and Institute of Technical Education and Research (ITER) Dean Prof PK Sahu spoke.