Sanasa General Insurance Co. Ltd. and PULA (an agricultural insurance and technology company) recently signed a Memorandum of Understanding (MoU) that will help strengthen the farmers in the country through providing index-based insurance solutions.
With this collaboration, PULA will provide technical support for the agricultural insurance facilities provided by Sanasa General Insurance, and provide them (Sanasa) with access to globally-recognised re-insurers.
The satellite-based technology provided by PULA will enable the accurate calculation of crops damages due to various situations including natural calamities such as floods, droughts and cyclones and wild animals. Even if there is crop damage in a large extent of land, Sanasa General Insurance will accurately calculate the crop damage in a short period and finalise the payouts promptly with the use of high-technology solutions provided by them.
Sanasa General Insurance will also access globally-recognised reinsurance companies through this MoU.
In a situation where reinsurance companies are reluctant to deal with agricultural insurance companies in Sri Lanka due to the lack of use of technology for calculating agricultural losses, the MoU will build confidence in such companies in the ability to obtain accurate data with the technical solutions provided by PULA, and convince them to work together with Sanasa General Insurance.
