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It is the first time in Thailand that insurance company has developed Weather Index Insurance for Rice Production. With support and cooperation of Japan Bank for International Cooperation (JBIC), |
| Bank of Agricultural and Agricultural Cooperative and Sompo Japan group, the management of Sompo Japan insurance (Thailand) Co., Ltd., therefore, Sompo Japan Insurance (Thailand) and Bank of Agriculture and Agricultural Cooperative launched Weather Index Insurance for Rice Production in January 2010. It is available for sale from year 2010 but the area is restricted only in Khon Kaen. |
| Under this project, farmer is an “Insured” while BAAC becomes a “Policy Holder” and a “Beneficiary”, the insured crop is “Rice” and the insured peril is “Drought”. The compensation under this insurance is relied on the accumulation of rainfall during July – September 2010 whether it hits the threshold set by calculating the official rainfall data collected by TMD or not. The compensation is at 15% of loan principal for drought and at 40% of loan principal for severe drought. |
| This pilot project will continue for 2 years. After the end of the project, our company will analyse overall results in order to develop more suitable products and to expand to other regions in Thailand. |
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