April 12, 2012

China's 2011 agricultural insurance premium up 28.1%

China's agricultural insurance premium reached CNY17.38 billion (US$2.75 billion) in 2011, an on-year growth of 28.1% and providing insurance totalled CNY652.3 billion (US$103 billion) for agriculture, Vice chairman of the China Insurance Regulatory Commission (CIRC) said on April 4.

Since 2007, the nation has totally yielded over CNY60 billion (US$9.5 billion) from agricultural insurance, with annual growth being 85%. These agricultural insurances have covered farming, forestry, animal husbandry, sideline sector and fishery. Besides, agricultural insurances have covered all provinces, cities and autonomous regions in the country.

In 2011, agricultural insurances provided risk protection for 169 million peasant families and mainly underwrote 787 million mu or 524,669 square metres of grain, oil and cotton products, 33% of national farming area.

In the nation's key grain areas such as Inner Mongolia, Xinjiang, Jiangsu and Jilin, insurance coverage of grain crops was over 50%. Heilongjiang and Anhui even achieved full coverage. Agricultural insurance covers 920 million mu or 613,336 square metres of forests and 730 million living stocks.