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Finance, India, Opinions, Schemes - Banks, Schemes - Govt

By Anuj Kumbhat, Co-Founder & CEO, WRMS

Agriculture, the backbone of economies worldwide, faces numerous challenges, from unpredictable weather patterns to market volatility. In recent years, the importance of agricultural insurance has grown significantly, providing farmers with financial security against these risks. With the global agri-insurance market on the rise, Indian insurance companies stand at the threshold of immense opportunity. Let’s explore the burgeoning prospects for Indian agriculture insurance companies in the international arena.

Growing Significance

Agricultural insurance plays a pivotal role in safeguarding farmers’ livelihoods and ensuring food security. It provides a safety net against crop failures, natural disasters, pests, and price fluctuations, thereby fostering resilience in the agricultural sector. As climate change exacerbates weather-related risks, the demand for robust insurance solutions continues to escalate globally.

Opportunities 

Technological Innovation: Indian agriculture insurance companies can leverage technological advancements to offer more efficient and tailored insurance products. Innovations such as satellite imaging, remote sensing, and data analytics enable better risk assessment, streamlined claims processing, and proactive risk management. By embracing these technologies, Indian insurers can enhance their competitiveness in the global market.

Microinsurance and Inclusive Growth: The global agricultural insurance landscape includes diverse farming communities with varying needs and resources. Indian insurers have expertise in microinsurance models, catering to smallholder farmers and marginalised rural populations. By promoting inclusive insurance schemes, Indian companies can expand their reach and contribute to sustainable development goals on a global scale.

Public-Private Partnerships: Collaborations between government agencies, international organisations, and private insurers are instrumental in scaling up agricultural insurance coverage. Indian companies can leverage their experience in public-private partnerships (PPP) to enter new markets and co-create innovative risk-sharing mechanisms. By forging strategic alliances, Indian insurers can navigate regulatory complexities and access untapped opportunities abroad.

Climate Resilience and Sustainable Agriculture: With climate change posing unprecedented challenges to agriculture, there is a growing emphasis on building climate resilience and promoting sustainable farming practices. Indian insurance companies can develop insurance products incentivising farmers to adopt climate-smart techniques, such as agroforestry, precision farming, and water-efficient irrigation. By aligning insurance incentives with sustainable agriculture goals, Indian insurers can differentiate themselves in the global market.

Market Diversification: While India represents a vast domestic market for agriculture insurance, international expansion offers significant growth prospects for Indian insurers. Emerging economies with agrarian economies similar to India’s present attractive opportunities for market penetration. By diversifying their geographical footprint, Indian insurers can mitigate concentration risks and tap into new revenue streams.

To read more click on :https://agrospectrumindia.com/e-magazine

By Anuj Kumbhat, Co-Founder & CEO, WRMSAgriculture,

Agrotech, Company News, Start ups

WRMS showcased its innovative parametric insurance marketplace, SecuRisk including AWAQE, a revolutionary automatic weather station with AI-powered climate sensors.

WRMS, a leader in climate action and sustainability, participated in the recent Bihar Climate Action Expo 2024 at Gyan Bhawan, Patna. The event, organized by WRI India in collaboration with UNEP and Shakti Sustainable Energy Foundation, along with the Department of Environment, Forest and Climate Change, Bihar, and the Bihar State Pollution Control Board, served as a platform for organizations dedicated to paving the way for a more sustainable future.

The Bihar Climate Action Conclave, a key component of the expo, aimed to launch the strategy document and facilitate discussions on Bihar’s ambitious climate actions. WRMS played a significant role in contributing to this dialogue, showcasing its commitment to driving climate action and confronting the challenges of climate change.

At the Expo, WRMS proudly presented its innovative parametric insurance marketplace, SecuRisk. This groundbreaking platform demonstrates WRMS’s dedication to providing sustainable solutions in the face of climate challenges. #SecuRisk represents a new frontier in parametric insurance, offering a forward-thinking approach to climate risk mitigation.

In addition to SecuRisk, WRMS showcased its diverse climate action solutions, including AWAQE, a revolutionary automatic weather station with AI-powered climate sensors. Developed by Ingen Technologies, a subsidiary of WRMS Global, AWAQE exemplifies the fusion of cutting-edge technology and environmental consciousness. This advanced weather station stands as a testament to WRMS’s commitment to leveraging innovation for sustainable development.

Ashish Agarwal, Co-Founder & CTO of WRMS, expressed enthusiasm about the company’s participation in the Bihar Climate Action Expo 2024 and stated, “At WRMS, we believe in the power of collaboration and innovation to address the urgent challenges posed by climate change. Our presence at the Bihar Climate Action Expo reflects our commitment to contributing meaningful solutions for a sustainable future. Through initiatives like SecuRisk and AWAQE, we aim to inspire positive change and encourage collective action towards a greener, more resilient world. We are honored to be part of this important dialogue and look forward to continuing our efforts in driving climate action and fostering environmental stewardship.”

The presence of WRMS at the Bihar Climate Action Expo underscores the company’s dedication to collaborative efforts in addressing climate change. By participating in this platform, WRMS aims to foster a collaborative environment for sharing knowledge and advancing solutions. The company looks forward to contributing to the brighter, greener future envisioned for all.

As WRMS continues to drive climate action and tackle the challenges posed by climate change, the company remains steadfast in its commitment to implementing suggested strategies and accelerating Bihar’s developmental trajectory towards a sustainable and resilient future.

WRMS showcased its innovative parametric insurance marketplace,

Agro chems – Chemicals, Company News, India, Start ups

Company has recently introduced SecuFarm Vermicompost, an organic fertiliser and soil conditioner.

WRMS, a leading agri-tech company, has expanded its services by foraying into the manufacturing of climate-smart agrochemicals in order to provide better solutions for pest management and soil fertility to farmers. The company has recently introduced its product SecuFarm Vermicompost, an excellent organic fertiliser and soil conditioner that contains essential plant nutrients, rich in humus, ability to improve soil structure for better root alteration, and improve water retention capacity and aeration status in the soil. Vermicompost is considered one of the best soil amendments available. It is highly useful in raising seedlings, orchards, and for crop production. The product contains microorganisms- for instance active bacteria, fungi, plant growth hormones, which help to accelerate germination, increase the number of fruits, accelerates flowering, helps to create humic acid for healthy soil. SecuFarm Vermicompost is non-toxic, environment friendly and ecologically compatible product.

Commenting on diversifying WRMS’s services Anuj Kumbhat, Founder and CEO, WRMS, said, “Since its inception, WRMS is committed to creating pathways to sustainable farming for farmers by building climate resilient agriculture technologies. By venturing into the manufacturing of agro-chemicals, we envision to offer cost-effective and productivity enhancing agro-inputs to farmers to further strengthen our vision. We are working on more such products that will transform the whole agriculture landscape and lead to sustainable crop production.”

Company has recently introduced SecuFarm Vermicompost, an

Agrotech, Company News, India, Start ups

WRMS will empower the onion farmers by providing them with rule engine-based farm level SecuFarm advisory services

WRMS, an agriculture and dairy risk management company, has recently signed an MOU with NIFCO – Nilo Kheri Farmer Producer Company in Karnal Haryana. Through this partnership, WRMS will empower the onion farmers of the Rambha region of the Karnal district by providing them with rule engine-based farm level SecuFarm advisory services. With SecuFarm, these onion farmers will get farm level crop management advisory which will help them achieve water management, yield enhancement, use of climate smart agro chemicals, early detection & control of pest attacks, real time weather advisory for timely decision making, and post-harvest market linkages.

The initiative will begin on 50 acres in the Haryana region of Karnal (Rambha), where smallholder onion growers will receive cutting-edge digital agricultural services from the seed selection stage to the post-harvest market linkages.

Under the SecuFarm service, farmers will receive a free-soil testing service to identify the nutrients missing from the soil and will be given appropriate treatments. In order to reduce crop loss, farmers will receive farm-level crop advice to make sure their crop illnesses are addressed quickly. Additionally, WRMS will give them access to weather forecasts via automatic weather stations so that the farmers can decide how best to safeguard their harvest. A smart irrigation system is another SecuFarm service that helps farmers irrigate their farms according to both the weather forecast and the recommended level of soil moisture in their soil. Consequently, it will help conserve both water and energy.

Speaking on the occasion, Director of NIFCO, Dr Sardar Singh, said, “We are extremely excited with our association with WRMS as we are confident that SecuFarm services will increase the crop yield of our onion farmers and educate them on sustainable farming practices”.

Rahul Babele, State Head, Haryana (WRMS) also commented that, “We see immense possibility in our association with NIFCO. Having worked with farmers of crops like cotton, paddy, tomato, and potato in Haryana, we understand the key challenges faced by them in the state. This learning will help us serve the onion farmers of NIFCO even better and provide them with digital SecuFarm services that will help them combat those challenges.”

WRMS will empower the onion farmers by