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On February 22, 2011, Sompo Japan Insurance (Thailand) Co., Ltd. expanded the sales area of and started selling Weather Index Insurance in an effort to |
| mitigate loss suffered by rice farmers due to drought in 5 provinces in Northeast Thailand. |
| The sales of this insurance started in 2010, as part of a trial project being conducted in Thailand by Sompo Japan Group in cooperation with The Japan Bank for International Cooperation (JBIC) in order to verify the effectiveness of insurance as a climate change adaptation measure, for which global expectations are high. |
Sales Area
Sales area includes Khon Kaen, Nakhornratchasima, Maha Sarakham, Kalasin and Roi Et. |
Background of Sales Area Expansion
1,158 farmers insured in Khon Kaen in 2010 with their satisfaction by the simplicity of the product. To answer the request from Bank for Agriculture and Agricultural Cooperatives (BAAC), Sompo Japan Thailand has decided to sell in other 4 provinces (Nakhornratchasima, Maha Sarakham, Kalasin and Roi Et) after the confirmation of the availability of reliable data for insurance. |
Future Plan
Sompo Japan Thailand will, based on sales results, broadly consider action such as revising the product, expanding its availability to other provinces in Thailand and diversifying the type of crops. |
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