The Office of the Insurance Commission (OIC) has helped to develop microinsurance products for the fishing industry, covering injury or death of fishermen and damage to their boats.
The goal is to mitigate losses suffered by fishermen in events such as tropical storms, floods, strong winds, shore waves, earthquakes and tsunami.
OIC secretary general Dr Suthiphon Thaveechaiyagarn said that Prime Minister Prayut Chan-o-cha had directed the OIC to develop the products.
In developing the products, the OIC held discussions with various agencies and organisations, such as the Fiscal Policy Office, Department of Fisheries, the Harbour Department, Bank of Agriculture, Fisheries Association of Thailand, the Thai General Insurance Association, (re) insurance companies and academics on the subject.