The Asia-Pacific region is seeking to stabilise agricultural insurance following droughts. Reduced rainfall in Australia caused over $1bn in economic damage last year, with crop production down 20% YoY. In response, Australia is considering exempting insurance premiums from tax, along with an AUD2bn ($1.4bn) relief package. In Thailand the ongoing challenge for farmers is flood. But the Australian government has also been criticised for its handling of a drought that hit Queensland and New South Wales earlier this year. Meanwhile, India 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 last year, with crop production down 20% YoY. In response, Australia is considering exempting insurance premiums from tax, along with an AUD2bn ($1.4bn) relief package. But the Australian government has also been criticised for its handling of a drought that hit Queensland and New South Wales earlier this year. Meanwhile, India 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.