China unveils plan to expand and strengthen agricultural insurance

The Chinese government has released a strategic plan to develop the country’s agricultural insurance market, with the aim of stabilizing farmers’ incomes and strengthening food security.

Under the roadmap, the government calls on the insurance industry to expand coverage to include the full range of costs and revenues associated with the production of key crops, including rice, wheat, corn, and soybeans.

The plan also proposes strengthening insurance products for a broader range of agricultural commodities, including:

• staple grains, cotton, oilseeds, sugar crops, and rubber;
• potatoes, rapeseed, peanuts, sugar beets, and highland barley.

The roadmap further calls for improvements to livestock insurance through the adoption of new tracking and monitoring technologies.