China Agricultural Insurance Reinsurance Community established in Beijing

On November 21, the founding meeting of China Agricultural Insurance Reinsurance Community (hereinafter referred to as "Agricultural Community") was held in Beijing. Representatives of the China Insurance Regulatory Commission, the Office of the Central Rural work leading Group, the Ministry of Finance, the Ministry of Agriculture, and the State Forestry Administration, as well as some experts and scholars attended the meeting.

The Agricultural Community is jointly established by 23 insurance companies qualified for agricultural insurance, including the people's property Insurance Co., Ltd., and the China property Reinsurance Co., Ltd. Based on China's national conditions, the agricultural community draws lessons from international experience, fully integrates the resources of the domestic insurance industry through institutionalized arrangements and market-oriented models, improves the overall risk management level of agricultural insurance, and provides a sustained and stable reinsurance guarantee for agricultural insurance.

Affected by global warming, the probability of extreme weather events is increasing, and regional and regional risks are gradually exposed. There were huge overlosses in related provinces due to the severe floods in Heilongjiang in 2013, the severe drought in Liaoning in 2014 and two typhoons in Hainan. From the perspective of the international market, the floods in Thailand in 2011 and the severe drought in the United States in 2012 have seen record payments, which have a great impact on the sound operation of the insurance system of the relevant countries.

At present, China is in a new period of promoting agricultural modernization, agricultural production is gradually changing to appropriate scale operation, the scale of investment is larger, the risk is higher, and the demand for risk protection of agricultural insurance is bound to be stronger. However, the imperfect catastrophe risk dispersion mechanism affects the robustness of the operation of the agricultural insurance system, restricts the improvement of the insurance level and the further expansion of coverage, and becomes a bottleneck problem that urgently needs to be solved in the next development of agricultural insurance. The CPC Central Committee and the State Council attach great importance to the risk dispersion mechanism of agricultural insurance catastrophe. From 2007 to 2013, seven consecutive central "No. 1 documents" have put forward requirements for this work. Relevant departments have also issued the "Agricultural Insurance catastrophe risk Reserve Management measures", and through window guidance and other ways to actively promote related work.

The responsible person of the relevant departments of the China Insurance Regulatory Commission pointed out in his speech that the establishment of the Agricultural Community is a concrete embodiment of the spirit of implementing the instructions of the CPC Central Committee and the State Council, and a mechanism innovation to support the steady development of agricultural insurance. it marks a new stage in the development of agricultural insurance in China. China's agricultural insurance is still in the initial stage of development, and there are still some problems, such as limited security level, insufficient service capacity, imperfect disaster risk dispersion mechanism and so on, which need to be solved. The member companies of the agricultural community should have a sense of responsibility, a sense of long-term and a sense of the overall situation, dare to take responsibility, fully reflect the original intention of the national policy design, and ensure that the national preferential policies are fully implemented in the hands of farmers. It is necessary to constantly improve the operating mechanism, strengthen the accumulation and research of risk data, improve the level of operation and management, and effectively enhance the ability of agricultural insurance to cope with catastrophe risks, overcome the impact of the short-term and volatility of the external market on the sustained and stable development of China's agricultural insurance, and ensure the stability of agricultural insurance risk dispersion channels after the catastrophe.

At the meeting, 24 agricultural community sponsoring companies jointly signed the articles of Association of the China Agricultural Insurance and Reinsurance Community, examined and adopted the relevant rules and regulations of the Agricultural Community, and elected the Chinese people's property Insurance Co., Ltd. as the first rotating chairman of the members' meeting of the Agricultural Community, and made it clear that the China property Reinsurance Co., Ltd. as the management body of the Agricultural Community.