(Aug 6): Malaysia will offer government-backed insurance plans to help compensate farmers for losses after natural disasters, as part of measures to strengthen food security.
The Agro-Food Takaful Insurance Scheme will be launched through the Ministry of Agriculture and Food Industries, and will initially be offered to the nation’s 189,500 rice farmers, Prime Minister Datuk Seri Ismail Sabri Yaakob said.
The insurance cover will be expanded in stages to sectors including fisheries and other sub-sectors of the food industry, he said at the launch of the 2022 Malaysian Agriculture, Horticulture and Agro Tourism Exhibition on Saturday (Aug 6).
Malaysia, a net food importer, is taking steps to enhance domestic supplies of grains and poultry, as nations around the world battle rising food costs amid disruptions caused by Russia’s invasion of Ukraine. Malaysia remains among countries without crop insurance unlike neighbours including China and Indonesia, state news agency Bernama reported in July, citing Agriculture and Food Industries Minister Datuk Seri Dr Ronald Kiandee.