THORNSTORN and UAP Signed a contract for Tobacco Field Audit
THORNTORN has signed a contract to offer field audit to UAP Insurance Tanzania for the services of field audit. The field audit work is part of the quality and validity of insurance data which UAP insurance uses to pay Tobacco farmers. The contract scope is to audit the field work which UAP insurance Tanzania offered Arce Tanzania contract to conduct loss assessment for about 240 insured Tobacco farmers in Tanzania under NMB Bank. The farmers are insured against various natural risk which include drought, hail, excessive rainfall. The product which was offered to NMB farmers as risk aggregator was hybrid index insurance which is a combination of Area Yield (AYII) and Named peril which is hail storm which affect Tobacco farmers significantly. The insured Tobacco farmers who ae customers of NMB are in 13 Regions of Tanzania namely Tabora, Iringa, Mbeya, Songwe, Ruvuma, Rukwa, Katavi, Kigoma, Mara, Kagera, Shinyanga, Singida. The field work will supplement to contribute quality work to ensure data collected, process used and methodology are free from material fact to present a true and fair view for compensating farmers in case there is a payout.