Sanasa General Insurance signs MoU with PULA to provide index-based agri-insurance solutions

Monday, 26 February 2024 02:43 - - {{hitsCtrl.values.hits}}

Sanasa General Insurance Managing Director Indika Kiriwandeniya, Specified Officer Yamuna Godage, Underwriting AGM Indrajee Goonathilake, Chief Operating Officer Wasantha Perera, Sales AGM Dilan Gunarathna, PULA Sri Lanka Technical Head Dhanika Hettige, Asia and West Africa Commercial Director Sukirthi Vinayak, Sri Lanka Country Director Govindu Thennakoon

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 the necessary 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 technology-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 be able to accurately calculate the crop damage in a short period and finalise the relevant payouts promptly with the use of high-technology solutions provided by them.

Sanasa General Insurance will also be able to access globally-recognised reinsurance companies through this MoU. In a background 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.