In 2025, agricultural insurance will provide risk coverage of 5.32 trillion yuan

Yuan Bo

Beijing, March 6 (Reporter Qu Xinming) — According to the State Financial Supervision and Administration Bureau, by 2025, China’s agricultural insurance premium income will reach 155.55 billion yuan, providing risk protection for 139 million farm households with a total coverage of 5.32 trillion yuan. The high-quality development pattern of agricultural insurance has been consolidated.

In recent years, the Financial Supervision and Administration Bureau has focused on “expanding coverage, increasing products, and raising standards” to develop a multi-layered agricultural insurance system. Significant efforts have been made to promote the development of staple crop insurance. The insurance for rice, wheat, and maize—covering full costs and planting income—has been continuously expanded. The demand for agricultural risk protection has gradually shifted from insuring physical costs to full costs and income protection. By 2025, policy coverage for soybean full cost insurance and planting income insurance will extend to all provinces (autonomous regions, municipalities) except central government units. Nationwide soybean insurance will provide an insurance amount of 44.6 billion yuan, a year-on-year increase of 37.02%.

Guidance will be provided to enhance agricultural insurance service capabilities. Regions are encouraged to actively promote precise underwriting and claims processing, improving service convenience. Insurance companies are encouraged to utilize satellite remote sensing, drones, and other technological means to improve accurate and efficient damage assessment mechanisms, explore remote damage assessment and “zero-contact” claims processes, and enhance the efficiency of agricultural insurance services.

Innovation in agricultural insurance will be promoted. Insurance companies are guided to develop products tailored to local conditions, covering all aspects of agricultural production. The steady promotion of innovative insurance types such as index insurance and regional yield insurance will continue, along with the development of insurance products that meet the needs of new agricultural business entities. The scope of agricultural insurance services will be further expanded.

Next, the Financial Supervision and Administration Bureau will expand coverage of full cost and income insurance, accelerate the improvement of a multi-layered agricultural insurance system, and continuously improve the accuracy of underwriting and claims processing, as well as the efficiency and satisfaction of claims services.