Launch of Sugar Cane Parametric Weather Insurance Program in Thailand
THAILAND, 17 June 2021 – SOMPO Insurance Thailand Pcl. (CEO: Ms. Chayanna Siripirom (hereinafter referred to as “SOMPO Thailand”)), a subsidiary of SOMPO Holdings, Inc. (Group CEO & Managing Director: Mr. Kengo Sakurada (hereinafter referred to as SOMPO Holdings)), cooperates with Marubeni Corporation (hereinafter referred as Marubeni) and Productivity Plus Co., Ltd. (hereinafter referred as Productivity Plus), a subsidiary company of one of the largest sugar refining company in Thailand to launch the first parametric weather insurance program for sugar cane farmers in May, 2021.
1. Background & purpose
SOMPO Thailand has used its experience in parametric weather insurance for the rice and Longan farmers market to introduce a parametric weather insurance program for sugar cane farmers who purchase a specific fertilizer from Productivity Plus. SOMPO Thailand combined local knowledge with technical support from AgriSompo, Sompo International’s (hereinafter referred to as SI) integrated agriculture platform that delivers both traditional and innovative crop insurance productivity tools to farmers, rangers, farm suppliers, insurers, and a variety of other agribusinesses around the world.
2. Outline for parametric weather insurance program (Sugar cane)
※1 Global Satellite Mapping of Precipitation (GSMaP)
A real time satellite derived global rain fall map from Japan Aerospace Exploration Agency (JAXA).
※2 The Remote Sensing Technology Center of Japan (RESTEC)
Foundation providing research and development from satellite driven remote sensing data.
SOMPO Thailand shall cooperate with Marubeni and Productivity Plus in an attempt to develop other areas in Thailand by giving support to stabilize household earnings and reduce drought risk for sugar cane farmers. Utilizing the global expertise of AgriSompo in agricultural insurance and risk management, SOMPO Thailand will support the development of agriculture, one of the most important industries in Thailand.