Igloo launches blockchain-based weather index insurance for rice farmers in Vietnam

Singapore-based insurtech Igloo, in partnership with PVI Insurance, Vietnam Meteorological and Hydrological Administration (VNMHA) and international reinsurer SCOR, on Tuesday launched the country’s first weather index insurance – a blockchain-based parametric index insurance product that automates insurance claims of rice farmers.

Igloo said in a statement with underwriting support from PVI and SCOR, Igloo utilized blockchain technology to develop a weather index insurance that automates claims through the use of smart contracts.

At an affordable premium starting from $8/hectare, with a minimum coverage area of 0.1 hectare, the product protects farmers against irregular rainfall distribution.

With rainfall data collected from VNMHA and monitored by Igloo, the parametric insurance will pay out claims calculated using pre-assigned values for losses due to weather events…