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Willis, a WTW business, and Global Parametrics have completed the first payout under a parametric insurance policy aimed at supporting coffee farmers in Vietnam affected by low rainfall during the 2024 growing season.
Vietnam is the world’s second-largest coffee producer, and the industry is vital to its economy. However, coffee cultivation is highly sensitive to weather conditions, especially rainfall.
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The policy, arranged by Willis in early 2024 with Bao Minh Insurance Corporation, was specifically designed to protect farmers from financial losses due to reduced yields caused by insufficient rainfall during the coffee flowering period.
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