News Non-Life16 Jan 2020

China:Agricultural insurance business posts US$10bn in premiums in 2019

16 Jan 2020

China's agricultural insurance market has reported premiums of CNY68bn ($10bn) for last year, more than 13 times the premium volume of CNY5.18bn seen in 2007, said Mr Liang Tao, a vice chairman of the CBIRC.

The robust growth was due to wider coverage and higher premium rates. Over 360m rural households have obtained agricultural insurance claim payments totalling CNY240bn since 2008, according to a report in China Knowledge.

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.

The CBIRC will continue to encourage the development of new agricultural insurance products with the application of new technology in the agriculture sector, said Mr Liang.

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