The state-owned Bank for Agriculture and Agricultural Cooperatives (BAAC) expects rice farmers to buy crop insurance for 1.5 million rai of farmland this harvest year.
The target accounts for 3% of the country's 64 million rai of farmland. Buying insurance can reduce a farmer's risk of natural disaster, said BAAC president Luck Wajannawatch.
Farmers whose production is damaged by floods, drought, storms or fire will receive compensation of 1,111 baht per rai on top of the government's compensation of 1,113 baht per rai.
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