China’s Ministry of Finance issued an implementation plan to accelerate
high-quality development of agricultural insurance, setting targets to be met by
2030. It calls for a multi-tier agricultural insurance system aligned with
farmers’ risk needs and modern agriculture, with clear central-local division of
responsibilities and an overall standard reaching international advanced levels.
Quantitative targets: agricultural insurance depth (premiums/primary industry
value added) 1.9%; insurance density (premiums per primary-industry worker)
1,200 yuan/person; agricultural insurance tech investment intensity (insurers’
tech innovation investment/premiums) 1%. Coverage for rice, wheat and corn
should remain around 90%; improve specialty-crop insurance coverage. The plan
caps the comprehensive agricultural insurance expense ratio at no more than 20%
and calls for more inclusive, balanced policy support.
