Government weighs crop insurance | Bangkok Post: business

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Government weighs crop insurance

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The Finance Ministry is considering using the crop insurance model instead of the government's coffers to pay for crop damage from natural disasters in an effort to reduce the cost of compensation, says Deputy Finance Minister Tanusak Lek-uthai. 

He said the ministry is conducting a feasibility study that will take a few months, and the government plans to subsidise all premiums for crop insurance if the initiative materialises.

The investment will be worthwhile if the government pays 20-30 billion in premiums for crop insurance instead of the hundreds of billions of baht in compensation the government paid farmers the past five years, said Mr Tanusak.

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