Of the countries in the world, Thailand is the nation with the fifth largest harvested area of rice, but although it has a considerably bigger crop area than some other countries, its yields are lower than theirs. Growing rice depends mainly on weather-related factors and moreover it appears that the number of natural catastrophes has been increasing year by year, having a key impact on Thai farmers. In this study, we investigate a potential risk mitigation approach (i.e. major rice crop insurance) to protect their interests, considering factors that affect rice cropping. Historical data for crop rice from six provinces - Loei, Nakhonphanom, Nongbualamphu, Nongkhai, Sakonnakhon and Udonthani - in the northeast of Thailand covering the years 1995-2011 are examined. The outcome shows that among variables of interest, rainfall emerges as the key factor for rice yield and therefore deserves the consideration of the insurance industry in crop insurance design.