AIC SIGNS DEAL WITH YES BANK

India-based Yes Bank has linked with state-owned Agriculture Insurance Co of India (AIC) to sell crop insurance products. AIC will offer customised crop insurance to customers of Yes Bank, subject to the approval of regulator IRDA. CE Rana Kapoor said that Yes Bank would employ between 175 and 200 staff to work with agri-clients. Yes Bank’s deal with AIC is the first bancassurance agreement for the insurer. AIC generated premiums of Rp5.15bn ($120m) last year, but paid out 2.5 times as much. It is assisted by individual states and by the federal government in payments.