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China's Finance Ministry encourages local development of agricultural weather index insurance
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On September 11, China's Ministry of Finance released the Implementation Plan for Accelerating High-Quality Development of Agricultural Insurance. The plan proposes improving the product supply system by establishing a comprehensive agricultural insurance framework that combines 'policy-based insurance + commercial insurance' and 'basic insurance + supplementary insurance.' It encourages local governments to design and develop relevant supplementary insurance products based on actual conditions, building upon basic coverage provided by policies such as input cost insurance, to achieve higher levels of protection. The plan specifically encourages localities to develop agricultural weather index insurance tailored to their specific circumstances. Additionally, it supports insurance institutions in developing commercial agricultural insurance and creating integrated insurance solutions that facilitate policy enrollment for farmers.
Source report
September 11 — The Ministry of Finance has released the Implementation Plan for Accelerating High-Quality Development of Agricultural Insurance, outlining key measures to enhance the agricultural insurance system.
Key Proposals
The plan introduces a new product supply framework featuring:
- "Policy-based insurance + commercial insurance"
- "Basic insurance + supplementary insurance"
Supplementary and Enhanced Coverage
Local authorities are encouraged to design and develop supplementary insurance products based on regional conditions. These products should build upon basic coverage provided by existing policies—such as materialized cost insurance—to achieve higher levels of protection.
Weather Index Insurance
The plan specifically encourages localities to develop agricultural weather index insurance tailored to local conditions.
Commercial Insurance and Comprehensive Solutions
The Ministry also supports insurance institutions in:
- Developing commercial agricultural insurance products
- Creating comprehensive insurance coverage solutions that facilitate policy enrollment for farmers
Source
thsEastern