More than 5 million farmers in Asia are set to enjoy crop insurance through a new partnership between Germany, Switzerland and the global financial services firm Allianz.
The partnership between Deutsche Gesellschaft für Internationale Zusammenarbeit, or GIZ, Allianz and the Swiss Agency for Development and Cooperation is expected to protect farmers from crop loss. Target countries for the initial three-year run are Bangladesh, Cambodia, India, Indonesia, the Philippines, Thailand and Vietnam.
Aside from distributing affordable insurance products, the partnership seeks to set up and use the latest satellite technology to determine the amount of harvest and predetermine expected crop loss or damage.
GIZ will lead the distribution and sale of insurance policies in the partner countries through its existing projects there and via cooperation with local government units and organizations, the agency said in a news release.
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