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Crop, aquaculture insurance to be widened after cold snap causes $99 million in damage

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Taiwan's Council of Agriculture is working to develop crop and aquaculture insurance policies for vulnerable products such as mango and groupers after the agriculture and aquaculture sectors suffered huge damage from a recent cold snap, reports Asia Insurance Review citing Taipei Times.

The cold snap that hit in December 2015 caused $3.3 billion Taiwanese ($99 million) in losses to these sectors. Taiwan's first crop insurance that was launched in 2015 provided cover to only grafted pear scions. The council said the coverage should also be extended to compensate for damage by typhoons and torrential rain.

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