Jan 13, 2020 (China Knowledge) - China's agricultural insurance market has reported robust growth in the past few years due to wider coverage and higher premium income, said an official with China's top banking and insurance regulator.
The insured sum in 2019 reached RMB 3.6 trln, ranking first in Asia and second in the world, said Liang Tao, vice chairman of the China Banking and Insurance Regulatory Commission (CBIRC) at a forum in Tianjin. Premiums from agricultural insurance were expected to reach RMB 68 bln, in comparison with only RMB 5.18 bln in 2007, according to Liang.
Over 360 mln rural households have obtained over RMB 240 bln of insurance indemnity since 2008.
The CBIRC will continue to encourage the development of new agricultural insurance products with the application of new technology in the agriculture sector, said Liang.
Agricultural insurance in China covers situations and events such as plant diseases and pests, possible losses in quality or yield of more than 270 kinds of crops due to natural disasters, and other risks.
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