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Thai General Insurance Association
42 Annual Report 2023

(2) Corn Insurance Policy for the 2023 production year for the farmer group

The Thai General Insurance Association has issued the 2023 Corn Insurance Policy for the farmer group and the
insurance premium rates that provide coverage for damages caused by flooding or heavy rain, drought, or no rain, storms or
typhoons, cold weather or frost, hail, fire, wild elephant attacks, pests or epidemics, totaling 3 policies as follows:
1. Corn insurance policy, production year 2023, for corn planting loan customers of the Bank for Agriculture
and Agricultural Cooperatives (BAAC) and insurance premium rates
2. Corn insurance policy, production year 2023, for small-scale farmers (microinsurance) and insurance premium
rates
3. Additional corn insurance policy, production year 2023, for small-scale farmers (microinsurance) and
insurance premium rates

The form and content of the corn insurance policy, production year 2023, for the farmer group and the insurance premium rate
have been approved by the Registrar of the Office of the Insurance Commission on March 13, 2023.

12.2 Underwriting performance

The rice insurance project for the 2023/24 production year cannot be implemented because it requires waiting for the new
cabinet. Therefore, the Thai General Insurance Association has coordinated with relevant agencies and reinsurance companies
to implement only the corn insurance project for the 2023/24 production year that has been approved by the cabinet since March
14, 2023. In collaboration with the Fiscal Policy Office (FPO), the Department of Agricultural Extension (DAA), the Bank for
Agriculture and Agricultural Cooperatives (BAAC), and the Office of the Agricultural Economics Commission (AEEC) Insurance
and Promotion Office (OIC) implemented the corn insurance project for the 2023/24 production year with an insured area of
1,036,716 rai, insurance premiums of 165,878,570 baht per household, 50,288 insured households, an area of 6,232 rai of
compensation paid, and compensation costs of 9,348,524 baht. (Including information of claims payment until February 8, 2024)

13. Project to develop guidelines for using science and technology in crop insurance

The Thai General Insurance Association has developed a crop insurance project by continuously using technology to drive
the crop insurance project to meet the operational needs of all relevant sectors, including insured farmers, so that they receive
correct and prompt care to sustain Thai crop insurance by using satellite technology, data analytics systems, and AI & Machine
Learning systems in crop insurance, in collaboration with Thaicom Public Company Limited, to analyze data and inspect damages
to proceed with distributing compensation for the next crop insurance project.

Phase 1: the Thai General Insurance Association signed a Memorandum of Understanding with Thaicom Public Company
Limited for the project to develop guidelines for the application of Scientific and Technology Solutions for Agricultural Insurance
in conducting damage inspection tests in the designated planting areas as innovation and information areas (Sandbox Areas)
according to the information received from the Department of Agricultural Extension, in 6 provinces. The areas of wet-season
rice planting having the scope of electronic cultivation that can be carried out totals 3 million rai, with Thaicom Public Company
Limited and the association jointly paying the expenses. The evaluation of the results of the Thaicom Public Company Limited
has 3 parts:
1. Check whether the area is planted with rice or not. The test results are 87% accurate.
2. Whether there is a drought or a dry spell. The test results are 81% accurate.
3. Whether there is a flood or not. The test results are 78% accurate.
The results of the study and analysis of the aforementioned information can be used as a guideline for further development,
expansion, and extension in the second phase.