Allianz, a German-based insurance provider, reportedly announced a three-year pilot project using satellite technology to manage crop insurance sold to rice farmers in Bangladesh, Cambodia, India, Indonesia, Thailand, the Philippines and Vietnam. The satellites capture images and collect data using radar, which can be used to estimate losses caused by adverse events, reducing costs associated with deploying insurance representatives on the ground. Allianz is also working with local governments and agricultural groups to act as middlemen to reduce the costs of selling insurance products and disbursing payouts. The pilot project is currently operational. If successful, Allianz expects to expand the program worldwide to cover additional crops.
Allianz operates in approximately 70 countries and has 60 million clients. For the year 2011, Allianz reported total assets of EUR 641 billion (USD 796 billion).
By Brendan Millan, Research Associate
About Allianz: Founded in 1891, Allianz is a German-based insurance provider. Allianz operates in approximately 70 countries and has 60 million clients. For the year 2011, Allianz reported total assets of EUR 641 billion (USD 796 billion).
Sources and Resources:
[1] Wall Street Journal: “Allianz Looks to New Satellites to Insure Small Farmers” by Erik Holm. http://online.wsj.com/article/SB10001424052702303640104577438542089056940.html?mod=googlenews_wsj
MicroCapital.org story, February 6, 2012, “MICROCAPITAL BRIEF: European Sustainable Investment Forum’s (EUROSIF’s) European SRI Transparency Code Attracts 350 Signatories”, https://www.microcapital.org/microcapital-brief-european-sustainable-investment-forums-eurosifs-european-sri-transparency-code-attracts-350-signatories/
MicroCapital.org story, March 3, 2011, “MICROCAPITAL BRIEF: UAP Insurance Limited, Syngenta Foundation, Safaricom Launch “Kilimo Salama Plus” to Include Crop Microinsurance”, https://www.microcapital.org/microcapital-brief-uap-insurance-limited-syngenta-foundation-safaricom-launch-kilimo-salama-plus-to-include-crop-microinsurance/
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