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No.2 agricultural insurance market
Last Updated: 2014-03-11 22:58 | Global Times
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China has become the world's second-largest agricultural insurance market after the US, the country's insurance regulator said on Tuesday.

China's agricultural insurance covered 1.1 billionmu(73 million hectares) of crops in 2013, accounting for 45 percent of the total planting acreage, said Xiang Junbo, head of the China Insurance Regulatory Commission.

The agricultural insurance scheme paid 20.9 billion yuan ($3.4 billion) in compensation and benefited 33.67 million rural households last year, said Xiang at a press conference on the sidelines of the ongoing annual session of the National People's Congress (NPC), China's top legislature.

A major planter in Northeast China's Heilongjiang Province received asmuch as 3.52 million yuan in compensation from the scheme last year, he said.

Xiang said China has always supported foreign capital in the country's agricultural insurance programs.

China will continue to extend the coverage of the insurance, strengthen supervision and pay high attention to risk control, he said.

The head of the commission also stressed the importance of establishing a catastrophe insurance system, adding that it would relieve the financial burden on the government.

Compensation from catastrophe insurance normally covers 30 percent to 40 percent of losses internationally. In China it covers less than 1 percent, said Xiang.

The Wenchuan earthquake in 2008 caused direct economic losses of 845.1 billion yuan but compensation paid out from insurance was just over 2 billion yuan, accounting for 0.2 percent of the total losses, he said.

Catastrophe insurance schemes are being trialed in Chuxiong Yi Autonomous Prefecture in Southwest China's Yunnan Province and Shenzhen city in South China's Guangdong Province, focusing on properties and personal safety respectively, he said.

China will also promote catastrophe insurance legislation to get more government support, he said.

 

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