The farming insurance protection rate in Taiwan has actually increased year by year from 5.79% in 2017 to 51.58% in June this year, according to stats from the Agricultural and Financial Solutions Administration.
One factor is the intro of brand-new farming insurance coverage items. For example, the farming insurance coverage section in Taiwan has actually presented brand-new parametric insurance coverage for pomelo, jujube and Java apple and a policy for banana losses given that a series of tropical storms struck the island this year, reported Economic Daily.
Recently, the federal government has likewise stepped up the promo of farming insurance coverage, and non-life insurer have actually introduced numerous farming insurance coverage.
Since completion of September 2023, the home and casualty insurance coverage market had actually established 27 items and 43 policies, given that the federal government broadened the promo of farming insurance coverage in 2017.
At present, farming insurance coverage are divided into 5 classifications, particularly:
1. Real loss and payment: represented by pear, banana and farming insurance coverage. After an insured occasion happens, the insurance provider needs to go to the website to evaluate the loss.
2. Policy-linked: represented by insurance coverage for Chinese pears. When the damage reaches the limit for federal government money support, the claim quantity can be acquired without the requirement for damage examination.
3. Meteorological parametric, represented by aquaculture, red bean and watermelon insurance coverage. When the meteorological information (tropical storm wind speed, rainfall, temperature level) reaches specific conditions, claims will be started.
4. Regional harvest: when the real harvest volume is lower than the ensured harvest volume, a claim will be settled.
5. Earnings security: an earnings security policy to cover unsteady earnings brought on by natural catastrophes or market aspects. Claims will be settled based upon the part of the earnings that is lower than the base earnings.
Fubon Residential or commercial property Insurance coverage introduced Taiwan’s very first business crop insurance coverage in 2015 which was Chinese pear crop insurance coverage.