Thailand Approves $467 Million Annual Disaster Insurance Program to Shift Risk to Private Insurers
Thailand's government has approved a 15.5 billion baht ($467 million) annual insurance program designed to cover approximately 30 million households in high-risk areas against natural disasters such as floods, storms, and earthquakes. Prime Minister Anutin Charnvirakul announced the initiative, which aims to shift a portion of the increasing costs associated with these catastrophes from the government to private insurers. Currently, Thailand spends at least 30 billion baht annually on disaster compensation. The new program will provide about 75 billion baht in total coverage each year, with private insurance companies responsible for payouts exceeding government-covered limits. This move is intended to reduce the financial burden on taxpayers during major catastrophic events. Households affected by floods would receive initial payouts of 10,000 baht, while those impacted by storms or earthquakes would receive 5,000 baht within 15 days. Total compensation is capped at 100,000 baht per household per disaster... 
