Launching Storm Index insurance product to serve farmers

By applying new technologies, Hurricane Index insurance allows customers to complete a simple and transparent online payment process.

The product is equipped with calculation formulas to help farmers, farm owners and agricultural enterprises receive compensation for crop and livestock damage insurance, paid by Bao Minh within 10 days.

Compensation is calculated using a system that uses satellite data to measure the severity of the storm and the distance from the farm.

At the signing ceremony, Mr. Dale Schilling - General Director of Hillridge shared: " Natural disaster insurance uses weather data collected via satellite from the University Association for Atmospheric Research (UCAR) with funding from the National Science Foundation, a US government agency, combined with the storm classification system of the General Department of Hydrometeorology, Ministry of Natural Resources and Environment.

Based on this data, Hillridge's state-of-the-art analytics system processes claims based on parameters such as wind speed and distance to the storm (within 100 km) from the insured .”

“ As a coastal country, Vietnam suffers from about 4 to 6 major tropical storms each year during the rainy season, severely affecting the agricultural sector. Therefore, thanks to this insurance product, Vietnamese farmers can quickly rebuild their livestock and poultry, and replant crops, instead of having to wait for the time-consuming assessment and compensation process, which significantly affects the ability to restore livelihoods after storms ,” added Mr. Nguyen Ngoc Anh - Deputy General Director of Bao Minh.

Mr. Nguyen Ngoc Anh - Deputy General Director of Bao Minh shared at the event.

Also at this event, witnessed by the Sustainable Forest Management Project funded by the United States Agency for International Development (USAID), Hiep Thuan Agricultural Cooperative, Quang Nam province became the first customer to purchase Storm Index Insurance for more than 150 hectares of acacia forest with the determination to become a bridge to help members who have purchased insurance to effectively implement the contract.

At the same time, this strengthens links with forest owners in the area to attract more participation from the community, expanding coverage to the entire remaining 1,200 hectares of forest under the cooperative's management.