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 Bank for Agriculture and Agricultural Cooperative (hereinafter referred as BAAC), providing integrated financial services to farmers, to launch the first parametric weather insurance program for Longan farmers in Thailand in February, 2019.
1. Background and Purpose
2. Outline for parametric weather insurance program (Longan)
(1) Target group
Longan farmers who are applying for BAAC’s finance.
(2) Target crop
Longan (or Ryugan, fruit from small evergreen plant in Sapindaceae genus Sapindaceae family)
(3) Target area
Chiang Mai province
(4) Target risk
Drought during the key growing period (March - April)
Compensation for continuous days of drought that exceed climatological estimates from GSMaP1
(6) Data provider
Remote Sensing Technology Center of JAPAN (RESTEC)2
(7) Insurance company
SOMPO Thailand is the lead underwriter.
(8) Sales agency
BAAC is the facilitator of product distribution.
1Global Satellite Mapping of Precipitation (GSMaP)- A real time satellite derived global rain fall map from Japan Aerospace Exploration Agency (JAXA).
2The Remote Sensing Technology Center of Japan (RESTEC) - Foundation providing research and development from satellite driven remote sensing data.
3. Future Plan
SOMPO Thailand shall cooperate with BAAC in an attempt to develop other areas in Thailand by giving support to stabilize household earnings and reduce drought risk for Longan 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.