China’s Ministry of Agriculture and Rural Affairs and five other ministries
issued an implementation plan to prioritize agriculture and refine rural
revitalization funding mechanisms. The plan calls for using insurance tools to
build a multi-tier agricultural insurance system and accelerate high-quality
development of agri-insurance. It directs full use of full-cost insurance and
crop income insurance for rice, wheat, corn and soybeans, supports development
of local specialty-product insurance to stabilize farm incomes, and encourage
insurers to expand supply of agriculture-related products. Regulators will back
market-based, autonomous rollout of farmland insurance, farm-machinery insurance
and rural personal insurance, and encourage qualified localities to lower the
county share of agricultural premium subsidies in targeted rural-revitalization
counties. The plan also mandates more precise underwriting and claims, invites
insurers into disaster relief and emergency-management roles, and promotes
insurer-provided early warning and risk-reduction services to improve claims and
service efficiency.
