In the first three quarters of this year, China reported 607
million yuan (US$74.85 million) of premium income on agricultural
insurance, up 66.07 percent over the same period last year,
according to latest statistics from the China Supervision
Commission on Insurance.
The agricultural premium accounted for 0.63 percent of the total
property insurance, up 0.21 percentage points year-on-year. During
the period, the compensation for agricultural items reached 197
million yuan (US$24.29 million), up 64 percent over the same period
last year.
Zhou Yanli, vice-chairman of the commission, said at a forum
held Saturday that after several years of readjustment, China's
agricultural insurance has bidden farewell to the situation of
shrinking business.
China now has set up three agricultural insurance companies in
Shanghai, Jilin and Heilongjiang provinces. Besides, the government
is also launching trials in nine provinces and regions including
Jiangsu, Sichuan, Liaoning provinces and Xinjiang Uygur Autonomous
Region to encourage them to set up various kinds of agricultural
insurance mechanism. China also introduced in overseas agricultural
insurance companies to join in the trial, said Zhou.
Zhou said that agricultural insurance is still a new thing in
China. The commission will continue to pace up support in this
regard to help promote further development of the sector.
(Xinhua News Agency November 13, 2005)