Kshema General Insurance gets fund infusion of USD 20 mn from Green Climate Fund

New Delhi, Nov 3 (PTI) Kshema General Insurance on Monday announced receiving approval for capital infusion of USD 20 million (about Rs 176 crore) from the board of the Green Climate Fund (GCF), established under the Paris Agreement.

The capital will be used to scale up financial resilience among small and marginal farmers and their families who constitute 86 per cent of India's farmers, from climate change vulnerabilities, Kshema General Insurance said in a statement.

GCF's capital will be utilised to scale up Kshema's offerings to reach a wider number of uninsured farmers and their crops, augmenting its capacity to underwrite, it said.

It will be further leveraged to strengthen Kshema's technological platform – Kshema Cognitive Engine – to offer not only curated insurance solutions to rural India but also to provide services like alerts on weather, proactive information on crop health to farmers apart from promoting sustainable agricultural practices, it said.

The support from GCF boosts Kshema's endeavour in following the government and IRDAI's recent policy directions to expand insurance access across Tier-2 and Tier-3 towns and complements national efforts to achieve 'Insurance for All' by 2047. PTI DP HVA