Sompo launches its first agriculture insurance product in Thailand
Trading Markets, 26 January 2010
Sompo Japan Insurance Inc.'s Thailand subsidiary has rolled out a microinsurance product, weather index insurance, to farmers in Thailand's northeastern province of Khon Kaen.
In cooperation with Japan Bank for International Cooperation, a public financial institution that promotes international economic programs, this agriculture insurance policy offers a private funding mechanism to mitigate economic damage caused by abnormal climate.
In an effort to mitigate loss due to drought, the weather index insurance offers protection for damage to rice farmers in Thailand. Sompo Japan said this is "a world-first" insurance initiative.
With a premium of about 1,000 yen (US$11) to 5,000 yen per farmer, the product will be distributed by Thailand's Bank for Agriculture and Agricultural Cooperatives. The public agricultural financial services institution also handles claim management for farmers.
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