The Cabinet approves insurance for the 2024 wet season rice crop.

Government House, Cabinet approves 2024 rice insurance, government and BAAC pay 2.3 billion baht in premiums, policies on sale until July 31, 2024 Mr. Chai Wachirong, spokesman for the Prime Minister's Office, revealed that the Cabinet meeting approved the 2024 wet season rice insurance project as proposed by the Ministry of Agriculture and Cooperatives to take care of farmers in a target area of ??21 million rai, with a budget of 2,302 million baht, of which the government subsidizes insurance premiums of 1,569 million baht and the Bank for Agriculture and Agricultural Cooperatives advances the payment of insurance premium subsidies to BAAC loan customers of 690 million baht, so BAAC customers do not have to pay insurance premiums, and insured farmers will receive the full compensation. For Tier 1 group: 1. BAAC loan customers, insurance premiums of 115 baht per rai; 2. General farmers in low-risk areas (Pilot area) 70 baht per rai, medium risk area 199 baht per rai, high risk area 218 baht per rai, for T ier 2 group, low risk area 27 baht per rai, medium risk area 60 baht per rai, high risk area 110 baht per rai. Coverage for (1) 7 natural disasters, tier 1, 1,190 baht per rai, and tier 2, 240 baht per rai. (2) pests or epidemics, tier 1, 595 baht per rai, and tier 2, 120 baht per rai. Insurance premium subsidy rates (tier 1 only) including stamp duty and VAT (1) BAAC loan customers 124.12 baht per rai, the government subsidizes 78.12 baht per rai, BAAC subsidizes 46 baht per rai (limited to no more than 30 rai per person for farmers who registered in the production year 2023-2024 and (2) general farmers - low-risk areas (Pilot area) 75.47 baht per rai, the government subsidizes 70.97 baht per rai, farmers pay 5 baht per rai - Medium risk area 214 baht per rai, the government subsidizes 84 baht per rai, farmers pay 130 baht per rai - High risk area 234.33 baht per rai, the government subsidizes 85.33 baht per rai, farmers pay 149 baht per rai BAAC begins selling insurance policies nationwide (63 province s) from the date the Cabinet resolution is made until 31 July 2024, except the South (14 provinces) ending 31 December 2024. Source: Thai News Agency