Don’t panic as banana prices drop and volume decreases to stabilize their income in Taiwan

In 2023, some areas of Taiwan were affected by typhoons and other weather conditions, resulting in a reduction in output per unit area. The banana income insurance claim amount reached a new high of NT$8.92 million, providing substantial protection to the disaster-stricken banana farmers. Today (2024) banana income insurance policy The original sales ended on March 1, but in order to enable some banana farmers who have not yet purchased insurance due to busy farming to obtain insurance protection, the Ministry of Agriculture has extended the insurance period this year to April 30. Farmers are encouraged to seize the time limit and actively apply for insurance. For details, please contact the local farmers association. The Ministry of Agriculture has started piloting banana income insurance in 2020. The coverage covers falling banana prices and reduced quantities. Insurance claims have been made for four consecutive years, with the cumulative claim amount being NT$25.46 million. ...