Agricultural insurance will provide 141.2 billion yuan this year.

Recently, it was learned from the China Agricultural Insurance Reinsurance Community that, as an important component of the agricultural catastrophe risk diversification mechanism, the Agricultural Community of China provided 141.2 billion yuan in risk protection for agricultural insurance in 2015, accounting for 53% of the overall reinsurance demand in the market.

In recent years, China's agricultural insurance has developed rapidly. In 2015, China's agricultural insurance covered more than 1.1 billion mu of major crops, providing risk protection of 1.66 trillion yuan, accounting for 16.2% of agricultural GDP; 247 million insured households, accounting for about 60% of agricultural households; and more than 170 crop varieties, basically covering all fields of agriculture, forestry, animal husbandry and fishery.

However, with the acceleration of agricultural modernization and the gradual transformation of agricultural production to moderate scale operation, the types of risks faced by the industry are becoming more and more complex and the risk exposure is increasing day by day. From the international experience, the developed agricultural countries all establish the agricultural insurance catastrophe risk dispersion system according to their national conditions.

In 2014, 24 domestic direct insurance companies and reinsurance companies with the qualification of agricultural insurance jointly initiated the establishment of China's Agricultural Community, which has become an important part of China's agricultural insurance catastrophe risk dispersion mechanism.

Data show that in 2015, the Agricultural Community of China provided 141.2 billion yuan in risk protection for agricultural insurance, accounting for 53% of the overall reinsurance demand in the market. Of the typhoon disaster losses caused by drought in Liaoning, Zhejiang and Guangxi this year, the agricultural community paid 500 million yuan in reparations, accounting for more than 50% of the industry's reinsurance indemnity expenditure.

Li Lisong, head of the administrative agency of the Agricultural Community, said that the establishment of the Agricultural Community also provides reinsurance support and related technical services for more than 100 innovative agricultural insurance products, such as meteorological index insurance, price insurance, and insurance products with local characteristics, actively cooperate with the reform of agricultural insurance provisions, and actively support industry innovation through a variety of means.