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China to improve agricultural insurance system

Tuesday, 10 15 2019, Category: Insurance and Reinsurance, Country: China
China will improve its agricultural insurance system with expanded coverage and functions to allow it to better serve farmers, an official circular has said.

By 2022, the coverage of insurance on the planting of rice, wheat and corn should reach over 70 percent, according to the circular jointly issued by the Ministry of Finance, Ministry of Agriculture and Rural Affairs, China Banking and Insurance Regulatory Commission and the National Forestry and Grassland Administration.

The proportion of agricultural insurance premiums to the value-added output of the agricultural sector should reach 1 percent by then, while every working person in the agricultural sector should on average contribute 500 yuan (about 70 U.S. dollars) in agricultural insurance premiums, according to the circular.

Agricultural insurance covers possible losses in yield or quality due to natural disasters, plant diseases and pests, and other risks. The central government usually provides subsidies to help farmers pay premiums.

By 2030, the agricultural insurance system will be upgraded to internationally-advanced level, which will benefit agricultural industries, farmers as well as insurance institutions, it said.

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