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22 Jul 2021

Launch of "Bushido Capitalism" by Sompo Group CEO Kengo Sakurada

12 Jul 2021

Launch of Cassava Parametric Weather Insurance Program in Thailand

09 Jul 2021

Sompo International Commercial P&C Expands Multinational Capabilities with Establishment of Sompo Global Risk Solutions Asia-Pacific

17 Jun 2021

Launch of Sugar Cane Parametric Weather Insurance Program in Thailand

THAILAND, 17 June 2021SOMPO 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

  • A number of natural disasters stemming from global climate change, such as extreme drought and the resulting instability of farmers’ household earnings, have become major issues in Thailand in recent years. SOMPO Thailand has provided a parametric weather insurance program for rice farmers since 2010, and for Longan farmers since 2019.
  • Currently, sugar cane has been exposed to drought risk. Productivity Plus has been investigating a way to launch an efficient support program, including utilization of insurance, cooperating with Marubeni, to enable stable growth for affiliated farmers and to realize stable and sustainable procurement of sugarcane.

 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)

  • Target group: Affiliated sugar cane farmers who are purchasing specific fertilizer from
                          Productivity Plus.
  • Target crop: Sugar cane
  • Target area:  Chaiyaphum province
  • Target risk: Drought during the key growing period
  • Compensation: Compensation for drought that cumulative rainfall from GSMaP1 is
                              below climatological estimates
  • Data provider: Remote Sensing Technology Center of JAPAN (RESTEC)2
  • Insurance company: SOMPO Thailand is the lead underwriter.

  

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.

SIT_Productivity Plus partnership chart.jpg

3Future plan

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.

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09 Jun 2020

Sompo Holdings Asia wins AI Award for General Insurance in SBR Technology Excellence Awards 2020

08 Jun 2020

Universal Sompo General Insurance Company Limited has announced the appointment of Sharad Mathur as its Managing Director & CEO

24 Apr 2020

SOMPO Asia Holds Inaugural Regional Live Virtual Townhall

02 Feb 2020

TIME Asia Edition 2020: Insuring a Sustainable Future

16 Jan 2020

Slice and SOMPO Release First On-Demand Insurance Product in Asia on ICS

28 Nov 2019

Joint Venture Approval in Myanmar by MoPF (press release in Burmese)

27 Nov 2019

Joint Venture Approval in Myanmar by MoPF

12 Sep 2019

Sompo Asia CEO Announces New Leadership Appointments and Regional Initiatives Across Asia Pacific

31 Jul 2019

Joint Venture Provisional Approval in Myanmar by MoPF

29 Jul 2019

Sompo Insurance Welcomes New Challenging Phase With CEO, Chayanna Siripirom

30 Jun 2019

Sompo Risk Engineering Launches New Work Injury Risk Survey for Asia Pacific Region

09 Jun 2019

Sompo Singapore appoints Mr. Pui Phusangmook as its Chief Executive Officer

19 May 2019

Joint Venture Application in Myanmar Shortlisted by MoPF

12 May 2019

People come first for Sompo's new Asia CEO

12 May 2019

Regional CEO's interview with Asia Insurance Review

31 Mar 2019

Sompo Holdings Asia Continues Rapid Expansion In Asia Pacific With Appointment Of New CEO

07 Feb 2019

Launch of “Longan parametric weather insurance program” in Thailand - The development of innovative new product utilizing satellite data

07 Jan 2019

Sompo Insurance (Thailand) Public Company Limited appoints Assistant Professor Chayanna Siripirom Chief Executive Officer

18 Dec 2018

Increase in Ownership of Universal Sompo General Insurance Company Limited

16 Dec 2018

Change of group governance structure and personnel changes

05 Sep 2018

SOMPO to sponsor CIMB Classic 2018 (PGA Tour) Golf Tournament

04 Jul 2018

New Tokyo research center aims to boost Japan’s ‘Fourth Industrial Revolution’

02 Apr 2018

CIMB and SOMPO launch bancassurance partnership in Malaysia

05 Feb 2018

Singapore's Vouch launches car insurance with No-Claim Rebate cash back

04 Sep 2017

SOMPO to Sponsor CIMB Classic 2017 Golf Tournament for Second Consecutive Year

29 Aug 2017

CIMB Niaga Gelar The Color Run 1 Oktober

18 Jul 2017

Have a Hearti chat with an insurance chatbot

04 Sep 2016

CIMB, Sompo ink Singapore deal to distribute non-life insurance products

02 Jun 2016

Sompo and CIMB Group Enter into a Non-Life Bancassurance Partnership