Chinese farmers find security in agricultural insurance

(Xinhua)
Updated: 2007-01-20 14:45

These regions contributed nearly 78 percent of last year's total premium income, about 657 million yuan.

Three niche agricultural insurance firms -- Anxin, Anhua and Yangguang -- established in 2004 together with the two comprehensive insurers, Property and Casualty Insurance and China United Property Insurance, raked in total premiums of 842 million yuan, about 99 percent.

Guo said the China Insurance Regulatory Commission had set agricultural insurance as one of the four priority fields for development, together with pension, health and liability insurance.

Likening agricultural insurance to a "rock" of the rural economy, Guo said it could stabilize the rural economy and help farmers through natural disasters.

From January to August last year, natural disasters and insect pests cost the agriculture sector almost 100 billion yuan in losses, an average 100 yuan per farmer. The per capita cash income of farmers reached 2,762 yuan in the first nine months last year.

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