Kathmandu. Farmers in Lumbini and Sudurpaschim provinces have received compensation from insurance companies while the technicians did not assess the damages. The insurance company has provided the compensation amount to the insured farmers immediately on the basis of pre-determined weather index as maize crop could not be harvested due to adverse weather. <\/p>\n
This is the first time farmers have been able to claim compensation based on weather conditions after the Nepal Insurance Authority (NEA) implemented the ‘parametric insurance’ based on the weather conditions. <\/p>\n
According to PlantSat, a company that has been using technology in agricultural insurance, farmers have received the compensation amount without filling up any claim form, surveyor visiting the field and without visiting any office to claim compensation. The farmers did not have to wait for a week to receive the compensation.\u00a0 The farmers have been paid the compensation amount in less than 7 working days based on the meteorological data. <\/p>\n
According to Plant Sat, Rs 26,32,240 lakh has been distributed to 1,352 maize farmers through their cooperatives. <\/p>\n
The policy has the provision to pay 20 percent of the sum insured in Banke, Kailali and Kanchanpur districts when the temperature exceeds 39 degrees Celsius for consecutive days. Based on this provision, the insurer United Ajod has paid 20 percent of the amount to the cooperative account of the insured farmers on the basis of the details provided by the plant-sat. <\/p>\n
PlantSat has enrolled 3,992 maize farmers in 6 districts of Terai with the help of non-life insurers and foreign donor organizations. These farmers are maize farmers cultivating 909.11 hectares of land through 94 cooperatives. For those who participated in the insurance program based on the MOMC Index, all the details of their farms were included in the fully automated technology (digital platform) developed by PlantSat. <\/p>\n
In Nepal’s traditional agricultural insurance, it takes 3 to 4 months to pay the claim. To claim the compensation, farmers have to collect documents from ward office, forest division and local municipality. Apart from this, they have to go to the insurer’s office collecting documents and the insurer should also mobilize surveyors in the field to evaluate the compensation. Only then will the process of determining the compensation and payment begin. <\/p>\n
“We didn’t just test new insurance products,” Plantsat said in a statement. We proved a model. ‘<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. Farmers in Lumbini and Sudurpaschim provinces have received compensation from insurance companies while the technicians did not assess the damages. The insurance company has provided the compensation amount to the insured farmers immediately on the basis of pre-determined weather index as maize crop could not be harvested due to adverse weather. This is the […]<\/p>\n","protected":false},"author":5,"featured_media":304950,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45149,45159],"tags":[],"class_list":["post-304963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-laghu-beema-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/304963","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=304963"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/304963\/revisions"}],"predecessor-version":[{"id":304964,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/304963\/revisions\/304964"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/304950"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=304963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=304963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=304963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}