More rice farmers are encouraged to join the government's crop insurance scheme this year as now the government has given more benefits to them.
This was revealed yesterday at a meeting attended by top executives of the Bank for Agriculture and Agricultural Co-operatives, the Ministry of Finance, the Office of Insurance Commission and the Thai General Insurance Association.
The meeting discussed the crop insurance scheme for the 2017/18 harvest year.
They revealed that farmers joining the scheme will enjoy more benefits under the crop insurance scheme as the government will lower premium rate and increase compensation payments.
BAAC executive vice president Supat Eauchai said the meeting agreed to cut the insurance premium to 90 baht per rai from 100 baht and increase compensation payments to 1,260 baht per rai from 1,110 baht.
But to encourage more farmers to join the crop insurance program, the government and the bank agreed to help shoulder insurance premiums partially.
Under the scheme, the government will contribute 60% in premiums.
He said the crop insurance scheme this year is expected to see farmers placing over 30 million rais of harvested farmland into the crop insurance program.
He said the agreement in rate adjustment will be proposed to the Finance minister for consideration soon ahead of the June-August harvest season.
In 2016, 1.51 million farmers with 27.17 million rais of farmland entered the crop insurance scheme.
The government had paid a total of 684 million baht in compensation to 624,770 rais of damaged farmland.
The government is also considering to put more crops under the insurance scheme.
Source: Thai Public Broadcasting Service (Thai PBS)