The Office of Insurance Commission (OIC) and the Office of Agricultural Economics (OAE) have announced their collaboration to advance a weather-index insurance project aimed at supporting farmers impacted by natural catastrophes (Nat CATs). The initiative is co-chaired by Chuchat Pramulpol, Secretary-General of the OIC, and Chanthanon Wannakhet, Secretary-General of the OAE.
During a recent meeting, the two offices reviewed the progress of a dedicated working group focused on leveraging scientific and technological solutions to better support farmers affected by natural disasters. A key development discussed was the launch of a “sandbox” project to create a weather-index insurance product specifically for durian crops in Thailand’s eastern region. This project will incorporate cutting-edge technology such as the Internet of Things (IoT) and Geographic Information Systems (GIS) to measure wind speeds and assess risks with greater precision.
The meeting also touched on the upcoming seminar that will explore the role of technology in disaster assessment, specifically in the context of crop insurance. The seminar is intended to share knowledge on how advanced technologies can be integrated into disaster management strategies.
Furthermore, participants highlighted the progress in utilizing satellite-based geographic information to enhance the monitoring, surveying, and damage assessment processes following natural disasters. These efforts aim to improve the accuracy and efficiency of post-disaster evaluations, thereby benefiting affected farming communities.
The discussions also focused on refining agricultural insurance products and delivery models to better meet the specific needs of farmers who face the challenges of natural catastrophes. The ongoing efforts are part of a broader strategy to ensure that the agricultural sector is more resilient in the face of climate-related risks.
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