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SOCIETY
THIS WEEK> THIS WEEK NO. 17, 2014> SOCIETY
UPDATED: April 22, 2014 NO. 17 APRIL 24, 2014
Crop Insurance
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China will intensify its efforts to promote crop insurance, with insured farm produce expected to cover 60 percent of the country's cultivated land by 2020, the country's top insurance regulator said on April 14.

The country will improve its crop insurance mechanisms, especially services for the animal husbandry and planting sector, in a bid to guarantee food security, said Wang Zuji, deputy head of the China Insurance Regulatory Commission.

Insurers will be encouraged to cover farm produce prices, rural houses and infrastructure, according to Wang.

The bureau is also considering subsidies for insurers to promote agriculture-related business, he said.

China had 1.11 billion mu (74 million hectares) of crops insured last year, accounting for 45 percent of the overall seeded area. A total of 33.67 million rural households received combined compensation worth 20.9 billion yuan ($3.4 billion).



 
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