Agriculture is the major livelihood of most of the farmers in Karnataka especially rural people. Crop insurance schemes were created to help farmers reduce their losses. It offers financial assistance and encouragement to crop loss farmers, the loss caused by natural disasters, pests, and diseases. The PMFBYS attempts to lower farmers’ premium burdens while also ensuring timely fulfilment of crop insurance claims for the full insured value. This study focuses on the impact of PMFBYS on three insurance companies with special reference during covid -19. The study is conducted to know the detailed study of PMFBYS in Karnataka. The analysis is done with the support of secondary data and quantitative research by considering three variables Number of Farmers enrolled, the number of farmers benefited and the Claim amount settled. To know the performances of the insurance companies panel data regression model have been estimated with three different models that are pooled OLS, fixed and random effect regression model, to find which estimation is the best significate fit for each insurance company. Comparison has been made between the companies and concludes showing which companies have been impacted by PMFBYS on insurance companies during covid -19 and which insurance companies’ performance is better during covid-19.