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Agriculture insurance aids poverty reduction in China

DATE:2017-07-10       SOURCE:Xinhua News Agency

2017-07-08 20:56:49|Editor: Liangyu


BEIJING, July 8 (Xinhua) -- China's insurers paid 34.8 billion yuan (5.12 billion U.S. dollars) in agriculture insurance in 2016, which helped with poverty reduction, a senior official said Saturday.


Some 45.75 million rural households received compensation from agriculture insurance as insurers developed various products for farmers, said Chen Wenhui, vice chairman of the China Insurance Regulatory Commission.


By the end of 2016, critical illness insurance covered 1.01 billion rural and urban residents. More than 10 million people in poverty-stricken rural provinces such as Jiangxi, Henan and Yunan had access to supplemental medical insurance, beside their basic medical insurance.


About 90 million rural residents have bought micro-life insurance worth over 1.4 trillion yuan in total.


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