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

Published 2024년 4월 7일

Tridge summary

In 2023, Taiwan faced a surge in banana income insurance claims totaling NT$8.92 million due to typhoons and adverse weather, prompting the Ministry of Agriculture to extend the insurance purchasing deadline to April 30, 2024, and adjust the banana income insurance policy for better farmer support. This included regional premium adjustments, expanded coverage, and increased income protection limits, alongside subsidies for insurance premiums. To further promote agricultural insurance among banana farmers, a collaboration involving the Agricultural Insurance Fund and other entities in 2024 will conduct publicity meetings and farm visits, and introduce an innovative incentive by the Banana Research Institute, 'Insurance Delivers Banana Seedlings,' to exchange insurance premiums for high-quality seedlings, aiming to enhance farmer participation in the insurance program.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

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. ...

Source: Agriharvest