BIC offers insurance for rubber trees
The cover insures rubber trees of all ages. BIC will run a first phase pilot program in the Central Highlands and South East including Binh Duong, Binh Phuoc, Dong Nai provinces, which have the largest plantations in the country.
The insurer also aims to broaden the market to Laos and Cambodia through its two joint-ventures there.
Pham Quang Tung, BIC’s general director said in a statement, “We think this is the right moment. There are more and more storms hitting the country, and there’s a high demand for damage compensation. There is also support from tree owners that has helped create the opportunity for us,” he said.
If a storm at level 8 hit the area, BIC would compensate for all the damages caused by the storm such as uprooted and fallen trees.
The insurer also aims to broaden the market to Laos and Cambodia through its two joint-ventures there.
Pham Quang Tung, BIC’s general director said in a statement, “We think this is the right moment. There are more and more storms hitting the country, and there’s a high demand for damage compensation. There is also support from tree owners that has helped create the opportunity for us,” he said.
If a storm at level 8 hit the area, BIC would compensate for all the damages caused by the storm such as uprooted and fallen trees.