January 21, 2020
467,000 pig farmers in China's Henan province compensated for losses
Farmers in central China's Henan Province have received 1.76 billion yuan (US$256.6 million) in compensation after they had incurred losses from their pig raising in 2019, a local insurance watchdog said, as per a Xinhua report.
The compensations, which accounted for more than 60% of total agricultural insurance payouts last year, were paid not only to offset the farmers' losses but also to help them resume pig farming and stabilise the pork market, according to the provincial banking and insurance regulatory bureau.
The farmers' losses were mostly due to the outbreaks of African swine fever in Henan, which is a major pork supplier in China. A total of about 467,000 pig farmers were compensated.
The province's pig stock during the first three quarters of 2019 decreased by 24.7% year on year to 33.63 million head, as per report.
The ASF virus was first detected in China in August 2018 and has since wiped out more than one third of the country's hog population, Forbes.com reported last Dec. 28.