Sompo

Innovation for Wellbeing

Home» เกี่ยวกับเรา» ข่าวสารอัพเดท» “ซมโปะ ประกันภัย” คว้ารางวัล “MOST POTENTIAL COMPANY AWARD”

Launch of Cassava Parametric Weather Insurance Program” in Thailand

12 ก.ค. 2021 | ธุรกิจ

Launch of Cassava Parametric Weather Insurance Program” in Thailand

Contribution to the SGDs through the development of an innovative new product collaborating with Ajinomoto (Thailand) and FD Green

Launch of Cassava Parametric Weather Insurance Program” in Thailand

THAILAND, 12 July 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 Ajinomoto Co., (Thailand) Ltd. (PresidentMr. Ichiro Sakakura (hereinafter referred as Ajinomoto (Thailand))) and FD Green (Thailand) Co., Ltd. (PresidentMr. Kazuyuki Nakamura (hereinafter referred as FD Green)), the first company of The Ajinomoto Group of Companies in Thailand to launch the first parametric weather insurance program for cassava farmers in May, 2021.

 

Assistant Professor Chayanna Siripirom. Chief Executive Officer (CEO)

 

                   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 crop insurance program for rice farmers since 2010, and for Longan farmers since 2019.

 

    • The Ajinomoto Group has been consistently engaging in initiatives to resolve social issues through its business. By improving economic value through the creation of shared value with society and local communities, these initiatives have contributed to the Group’s growth. These kinds of initiatives have been named ASV (The Ajinomoto Group Creating Shared Value).

 

    • Ajinomoto (Thailand) has been using cassava produced in Thailand to make AJI-NO-MOTO®, MSG product (Monosodium Glutamate). Currently, cassava has been exposed to drought risk. Ajinomoto (Thailand) and FD Green have been investigating a way to launch an efficient support program, including utilization of insurance to stabilize growth for affiliated farmers and to realize sustainable procurement of cassava.

 

    • SOMPO Thailand has used its experience in parametric crop insurance for the rice and Longan farmers market to introduce a parametric weather insurance program for cassava farmers who affiliate with FD Green. 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, farm suppliers, insurers and a variety of other agribusinesses around the world. 

 

 

                  2. Outline for parametric weather insurance program (Cassava)

  • Target group: Cassava farmers who affiliate with FD Green
  • Target crop: Cassava
  • Target area:  Kamphaeng Phet province
  • Target risk: Drought during the key growing period
  • Compensation: Compensation for drought when 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.

 

                  3Future plan

  • Ajinomoto (Thailand), FD Green and Sompo Thailand signed a memorandum of understanding, “Database Sharing For Further Creating Weather Insurance For Thai Farmers” with the Department of Agricultural Extension, Ministry of Agriculture and Cooperatives in the middle of developing this insurance program.

 

  • SOMPO Thailand shall cooperate with Ajinomoto (Thailand) and FD Green in an attempt to develop other areas in Thailand by giving support to stabilize household earnings and reduce drought risk for cassava 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.

 

  • SOMPO Group also actively continues to support companies approach to SDGs through developing insurance programs in order to contribute risk mitigation and sustainable management of farming households as adaptation to climate change.

 

#################################################

 

For media enquiries, please contact:

Sompo Insurance (Thailand) Pcl.

Vassamol Sukhaya

Vassamol.s@sompo.co.th

 

 


About Sompo Insurance (Thailand) Pcl.

Sompo Insurance (Thailand) Pcl is a subsidiary of Sompo Holdings, Inc, a trusted and established insurance, and risk solution provider in Japan for over 132 years. Sompo Holdings serves its customers in more than 30 countries in regions. The company is a leading non-life insurance provider in Asia. Sompo Insurance Thailand is committed to taking care of Thai people with the Japanese mind.

 

For more information, please visit www.sompo.co.th.

 

 

About Sompo Holdings

Management of P&C insurance companies, life insurance companies, and other companies controlled as subsidiaries pursuant to the Insurance Business Law, and other related operations. Its management philosophy is “We will at all times carefully consider the interests of our customers when making decisions that shape our business. We strive to contribute to the security, health, and wellbeing of our customers and society as a whole by providing insurance and related services of the highest quality possible”.

 

Sompo Holdings aims to be the best customer service provider both at home and abroad. As the core company of the Sompo Holdings, Sompo Japan, originally established in Japan in 1888 as a general insurance company, has established a network spanning in 30 countries including Europe, the Middle East, North America, Central and South America, Asia, Oceania, and Africa. In addition to aiming to be a property and casualty insurance company that is most appreciated by the customers and leads the industry not only in scale but also service quality,

 

Sompo Holdings group is also driving the creation of “A Theme Park for the Security, Health, and Wellbeing of Customers”.

 

For more information, please visit https://www.sompo-hd.com/en/.