China's agricultural insurance premiums stood at 96.52 billion yuan (15.15 billion U.S. dollars) in 2021, up 18.4 percent from the previous year, according to the Ministry of Finance.

Of the total, the central government allocated 33.35 billion yuan in premium subsidies, up 16.8 percent year on year.

To support the development of the agricultural industry, agricultural insurance in China covers possible losses in yield or quality of various crops due to natural disasters, plant diseases and pests, and other risks.

China will stabilize its annual grain output at over 650 billion kg and strive to beat a target of 700 billion kg by 2025 to ensure grain security, according to a five-year plan on farming released by the Ministry of Agriculture and Rural Affairs.