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Oct 2022

Thailand: Crop insurance rates predicted to increase

Source: Asia Insurance Review | Jan 2020

Crop insurance premiums are likely to increase in 2020, as the claims loss ratio hit 200% as a result of natural disasters throughout 2019, the Thai General Insurance Association (TGIA) has said.
Total claims for crop insurance of at least THB3bn ($99m) were paid in 2019. The loss ratio was registered at 150%, the highest in the past four years, TGIA executive director Kheedej Anansiriprapha told The Bangkok Post.
The TGIA will be closely monitoring claims from natural disasters until the middle of 2020, Mr Kheedej said.
An upward revision of crop insurance premiums is highly possible, but this also depends on discussions with reinsurance companies, he said. Data collection and updated plantation statistics are needed because the crop insurance scheme has only been in place for four years.
In 2019, total premiums for crop insurance under government projects reached THB2.4bn. A 
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