The Executive Yuan yesterday passed a draft bill to increase insurance coverage for damage to crops and livestock, which averages about NT$10 billion (US321.78 million) per year.
Under the draft act, farmers would receive compensation for damage caused by epidemics and pests, as well as natural disasters.
Payments would be provided by insurance companies as well as government-certified farmers’ associations, it said.
If passed by the legislature, the government would establish an agricultural insurance fund, which would build an insurance database, train insurance professionals, help farmers with risk management and provide education programs for farmers.
To encourage farmers to take out insurance, the act would require the government to cover up to 50 percent of the premium, excluding compulsory insurance items.
Insured farmers would still be eligible for government subsidies for damages to crops and livestock caused by natural disasters.
Given that natural disasters are frequent in Taiwan, the act would provide an important legal basis on which to build a better system to assist farmers when they face crop or livestock losses, Premier Su Tseng-chang (蘇貞昌) said.
Ensuring that farmers have a stable income would benefit the development of agricultural areas, he added.
Since a pilot agricultural insurance program with greater insurance coverage was launched in 2017, the government has noticed improvements, Su said, adding that experience gained from the pilot program would serve as the basis for the new insurance system.
To ensure the bill’s passage, he has instructed the Council of Agriculture to talk to lawmakers across party lines and lobby for their support, he said.
The council would also continue to promote the agricultural insurance program to ensure that the service reaches more farmers, Su added.
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