The Asia - Pacific region is seeking to stabilise agricultural insurance following droughts . Reduced rainfall in Australia caused over $ 1 in economic damage last year , with crop production down 20 % . The lack of rainfall in Eastern Australia was the worst in recent memory and was estimated to have caused more than US$1 billion in economic damage. In response , Australia is considering raising insurance premiums from tax , along with an AUD2bn ( $ 1.4bn ) relief package . After drought and unseasonal frost in 2018 , China 's government may pool its agricultural insurance schemes to remove the division of risk . Meanwhile , India is encouraging the implementation of multi - year insurance deals , while China is offering free insurance and financial education to farmers . Consequently , increased foreign 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 $ 1 in economic damage last year , with crop production down 20 % . In response , Australia is considering raising insurance premiums from tax , along with an AUD2bn ( $ 1.4bn ) relief package . After drought and unseasonal frost in 2018 , China 's government may pool its agricultural insurance schemes to remove the division of risk . Meanwhile , India is encouraging the implementation of multi - year insurance deals , while China is offering free insurance and financial education to farmers . Consequently , increased foreign investment is leading to more robust insurance schemes .