When it comes to tomato farming, there is a lot of uncertainty in terms of the yield as it can be impacted very easily by changes in weather, soil conditions or even the methods of farming. This means farmer incomes cannot be guaranteed.
The objective of this project is to experiment with, and provide tomato farmers with an innovative insurance scheme to protect them against loss of crops owing to adverse physical crop conditions which are beyond their control. A unique, weather-based insurance product, with mutually predefined triggers, it reduces complexity of the loss investigation process and provides greater certainty of loss payment recovery as compared to traditional insurance products. Insurance is covered under three parameters – Consecutive Dry Days, Excess Rainfall and Disease Conducive Weather.
Total Claims Triggered – Rs. 11,05,769
Claim per Acre – Rs. 44,230
Advantage offered over traditional insurance