China's agriculture insurance income has reached nearly 11 billion Yuan or some 1.5 billion U.S. dollars by this November, soaring 112 percent compared with the same period last year.
Wu Dingfu, chairman of the China Insurance Regulatory Commission, the country's top insurance regulator, made the announcement in Beijing.
"China will continue to expand insurance coverage in the agricultural sector, while actively exploring insurance mechanisms and development modules compatible with the nation's situation. This will provide more comprehensive risk insurance services for the wellbeing of Chinese farmers."
The official said China will further develop insurance related to agriculture, farmers and rural areas in 2009, particularly in the fields of small loans and disaster risk dispersion mechanisms.
According to Wu Dingfu, agricultural insurance with central fiscal support was expanded to 16 provincial areas compared to last year when the country initiated agriculture insurance trials in six provincial regions.
A total of over 4 billion Yuan of crop and livestock insurance compensation was paid to 10 million rural households this year. (Www.hxen.com)
The commission has also planned to expand crop insurance to all major grain-growing areas across the country next year.
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