China’s agricultural insurance pocketed 32.57 billion yuan (5.29 billion U.S. dollars) in 2014, an increase of 6.2 percent year on year, according to the China Insurance Regulatory Commission on Wednesday [4 March 2015]. The number of insured farms reached 247 million, up 15.71 percent year on year, according to a statement on the commission’s website. Over 1.5 billion mu (100 million hectares) of crops were covered, accounting for 61.6 percent of the nation’s total…Full Article: ECNS.cn Mar 2015
- According to the article, agricultural insurance covers 69% of corn and rice crops, and 49% of wheat crops in China.
- In 2013, China’s Ministry of Finance allocated CNY 12.69 billion (~US$2.04 billion) on agricultural insurance subsidies.
- In 2012, China’s agricultural insurance premiums totaled CNY 24.1 billion (US$3.87 billion).
- From 2007 (year of initial pilot) to 2011, the Chinese government spent CNY 26.4 billion (US$423 million) on agricultural insurance subsidies for farmers.