The Asia-Pacific region is seeking to stabilise agricultural insurance following droughts. Reduced rainfall in Australia caused over $1bn in economic damage 2018 , with crop production down 50% YoY. In response, Australia is considering exempting insurance premiums from tax, along with an AUD2bn ($ more than US$1 billion ) relief package. However, small steps are being considered like allowing insurance premiums to be exempt from tax. After drought and unseasonal frost in 2018 , Thailand 's government may pool its agricultural insurance schemes to remove the division of risk. Meanwhile, China is encouraging the implementation of multi-year insurance deals, while Thailand is offering free insurance and financial education to farmers. Consequently, increased government investment is leading to more robust insurance schemes.
The Asia-Pacific region is seeking to stabilise agricultural insurance following droughts. Reduced rainfall in Australia caused over $1bn in economic damage 2018 , with crop production down 50% YoY. In response, Australia is considering exempting insurance premiums from tax, along with an AUD2bn ($ more than US$1 billion ) relief package. After drought and unseasonal frost in 2018 , Thailand 's government may pool its agricultural insurance schemes to remove the division of risk. Meanwhile, China is encouraging the implementation of multi-year insurance deals, while Thailand is offering free insurance and financial education to farmers. Consequently, increased government investment is leading to more robust insurance schemes.