Thitivadee Chaiyawat Chulalongkorn Business School, Chulalongkorn University, Bangkok, Thailand
Email: thitivadee@cbs.chula.ac.th
Samrieng Mekkriengkrai School of Law, Sripatum University Khon Kaen, Thailand
Email: samrieng@yahoo.com
Supatra Phanwichit School of Law, Sukhothai Thammathirat Open University, Thailand
Email: thailawresearch@gmail.com

Abstract:

In recent years, heightened attention has been directed towards evaluating the efficacy of risk management strategies, specifically within the agricultural sector, particularly in regions susceptible to various risks. This heightened interest has prompted increased scrutiny from both researchers and regulatory bodies. The current investigation endeavours to scrutinize the systematic procedural framework for formulating a pertinent crop insurance program tailored to distinct agricultural zones. Additionally, the study employs extreme value modelling to forecast daily maximum precipitation, facilitating the estimation of potential agricultural productivity diminution resulting from extreme precipitation events. Furthermore, the research underscores the pivotal role of governmental support in fortifying the implementation of a feasible and enduring agricultural insurance framework in Thailand. To amass pertinent data, the study involves stakeholders from public and private sectors in both the agricultural and agricultural insurance domains, employing methods such as questionnaire surveys, in-depth interviews, and public hearings. Moreover, this investigation employs machine learning methodologies to project potential Jasmine-105 rice yield losses in Ubon Ratchathani and Sisaket provinces. The acquisition of satellite data is integral for estimating long-term daily heavy rainfall inthe aforementioned provinces. The study's revelations affirm the viability of area-yield crop insurance, utilizing machine learning to gauge rice production on a provincial scale, thereby bolstering the economic feasibility and sustainability of Thailand's rice industry. Notably, random forests demonstrate superior accuracy, particularly within specific rice farming locales. Furthermore, the research underscores the anticipated surge in heavy rainfall across Thailand over the next 10-100 years, attributable to climate change, underscoring the imperative for effective catastrophe risk financing and insurance risk management strategies. In summary, the research underscores the Thai government's dedication to advancing, endorsing, and implementing proficient and enduring agricultural insurance mechanisms. These mechanisms seek to incentivize farmers to safeguard their agricultural vulnerabilities through insurance products, fostering a more sustainable trajectory for the nation. The study imparts valuable insights into the critical role of insurance-based risk management in the agricultural sector, emphasizing the pivotal support required from the government for the successful implementation of such initiatives.

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