The Office of the Insurance Commission should consider approving insurance that covers environmental damage and damage to state infrastructure, says Finance Minister Arkhom Termpittayapaisith.
If an environmental protection policy was available and a company holding it happened to have a mishap that damaged the environment, the firm could make a claim to repair the damage, he said.
No Thai insurance policies exist for damage to state infrastructure.
Mr Arkhom said state agencies might see the purchase of such a policy as adding costs to their project development, while insurers could project charging higher premiums if they insured state projects. As a result, the regulator needs to consider how to make this kind of insurance available in Thailand, he said.
State agencies usually set the conditions requiring contractors of state projects to be responsible for project repair for a certain period. However, after such period state agencies have to shoulder the risks of project damage on their own, said Mr Arkhom.
State agencies should have their own insurance for the projects to cover these instances, he said.
Many countries have these two types of insurance, said Mr Arkhom.
He said climate change provided opportunities for the insurance sector in Thailand as more people and businesses will be looking for policies to protect their assets from the impacts.
The pandemic outbreak during the past two years is another factor encouraging Thais to buy insurance policies, said Mr Arkhom.
He also urged insurance companies to utilise digital technologies to bolster their operations.
In a separate matter, Mr Arkhom said the export sector, which is one of the country's growth engines, expanded 11% in the first half of this year, compared with 20% growth for the whole of 2021.
The weak baht is one factor driving this year's export growth.
However, the baht depreciation means Thailand has to pay more for imported oil, which adds to rising living costs. The government has introduced a number of measures to alleviate people's hardships.
The minister said he expects 8-10 million foreign visitors this year, or around a quarter of the level recorded in 2019.
Mr Arkhom predicts the tourism situation will improve next year.
On Wednesday, he said the government will continue to use tax measures to subsidise high energy prices throughout the year, aiming to ease the high cost of living.
