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Thailand - Govt approves US$10m maize insurance project

The Thai Cabinet has approved a maize insurance project estimated to cost THB313.98m ($9.8m) that would cover a target area of 3m rai (480,000ha), to mitigate the effects of natural disasters.

The Cabinet has assigned the Office of Insurance Commission (OIC) to oversee the maize insurance policy in accordance with its resolution. 17 insurance companies are participating in the project which will run from 12-31 May 2020 and from 1 Oct 2020 to 15 January 2021, according to local media reports.

The maize insurance project follows a rice insurance scheme for the 2020 season approved earlier this year by the National Rice Policy Committee that is worth THB2.91bn and aiming to cover 44.7m rai of farmland.

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