April 25, 2012

China's agricultural premium reaches US$2.76 billion

The agricultural insurance premium of China reached RMB17.38 billion (US$2.76 billion) in 2011, 28.1% higher than the previous year as shown by the latest data.

Risk protection for agriculture totaled RMB652.3 billion (US$103.46 billion) in 2011. Agricultural insurance covered all aspects including farming, forestry, stock raising and fishery as well as all regions in the country.

Data shows that Chinese insurance industry provided risk protection for 169 rural families in 2011 by mainly covering 787 million mu of grain, oil and cotton crops (1 mu = 666.67 square meters), 33% of national crop area. In major grain areas such as Inner Mongolia, Xinjiang, Jiangsu and Jilin, insurance coverage of basic grain, oil and cotton crops went beyond 50%. That in Heilongjiang agricultural area and Anhui Province was nearly 100%. Besides, agricultural insurance covered 920 million mu of forests and 730 million animals.