With its headquarters located in New Delhi, Agriculture Insurance Company of India Limited (AIC) is a public sector enterprise in India. It is an agricultural insurance owned by the Indian government’s Ministry of Finance. It collaborates closely with banks, financial organizations, and the federal and state governments. Through its operations, the company enhances risk reduction in India’s agricultural industry and helps farmers maintain income stability.
Agriculture Insurance Company of India – Quick Overview
| Particular | Details |
| Company Name | Agriculture Insurance Company of India Limited (AIC) |
| Type | Public Sector Undertaking (Government-owned) |
| Industry | Agricultural / Crop Insurance |
| Founded / Incorporated | 20 December 2002 |
| Commenced Business | 1 April 2003 |
| Headquarters | New Delhi, India |
| Ownership / Promoters | Ministry of Finance, Government of India; GIC Re, NABARD & 4 public sector insurers |
| Chairman & MD | Dr. Lavanya R. Mundayur (Chairman & Managing Director) |
| Core Business | Crop insurance & agricultural risk management |
| Major Products & Schemes | Pradhan Mantri Fasal Bima Yojana (PMFBY), Weather-based Crop Insurance, yield & area based covers |
| Area Served | All India (rural & farming communities) |
| Farmer Coverage | ~25 million farmers (one of world’s largest) |
| Role in Government Schemes | Implementing agency for PMFBY & other crop insurance programs |
| Regulatory Authority | Insurance Regulatory and Development Authority of India (IRDAI) |
| Authorized / Paid-up Capital | Authorised ₹1,500 cr; Paid-up ₹200 cr |
| CIN | U74999DL2002PLC118123 |
| Official Website | aicofindia.com |
Net Worth and Market Cap
The latest as of 2022–2023, its net income had grown by ₹766 crore (US$91 million). As of March 31, 2017, Agriculture Insurance Company of India had a total net value of Rs. 2767 crore.
Corporate Leadership
The Ministry of Agriculture of the Government of India oversees AIC’s operations, while the Ministry of Finance is in charge of its administration. AIC is governed by the Insurance Regulatory and Development Authority (IRDA), located in Hyderabad, India.
Overview of Services
Crop insurance and related agricultural risk solutions are the areas of expertise for Agriculture Insurance Company of India. Yield-based, weather-based, and revenue-based insurance solutions are among its main products. The company works with governments and lending institutions to run programs like the Pradhan Mantri Fasal Bima Yojana. AIC uses technology, remote sensing, and field-level data to collect premiums, evaluate risks, process claims, and calculate losses.
Scale of Operations
With the assistance of regional offices and a vast network of intermediaries, AIC oversees comprehensive policy coverage for millions of farmers annually. In terms of geographic scope and policy coverage, it is among the biggest agricultural insurers in India, operating throughout several crop seasons and varieties.
Six public sector companies, including General Insurance Corporation of India (35% share), NABARD (30% share), The New India Assurance Co. Ltd. (8.75% share), National Insurance Co. Ltd. (8.75% share), Oriental Insurance Co. Ltd. (8.75% share), and United India Insurance Co. Ltd. (8.75% share), have marketed AIC as a specialty crop insurance provider to the Indian farming community.
On December 20, 2002, AIC was established with a paid-up capital of INR 200 crore (2 billion) and an authorized share capital of INR 1500 crore (15 billion). AIC started conducting business on April 1st, 2003. AIC is currently one of the biggest crop insurance companies in the world, providing coverage to almost 25 million farmers through a variety of crop insurance plans and products. More than 86% of them fall into the “small & marginal” group, which includes people with two hectares or less of land.
