The scope of implementation of the three major food crops and two types of insurance is expanded by the central government’s 45% subsidy for insurance premiums in the central, western and northeastern regions
CCTV News: Today (June 29), the Ministry of Finance, together with the Ministry of Agriculture and Rural Affairs, and the China Banking and Insurance Regulatory Commission, issued a notice to expand the scope of implementation of full cost insurance and planting income insurance for the three major food crops to enhance farmers’ ability to withstand risks. Among them, the central government subsidizes 45% of insurance premiums in the central, western and northeastern regions.
According to the “Notice”, the scope of implementation of full cost insurance and planting income insurance for the three major food crops of rice, wheat, and corn will be expanded to gradually cover Hebei, Inner Mongolia, Liaoning, Jilin, Heilongjiang, Jiangsu, Anhui, Jiangxi, Shandong, Henan, Hubei, All farmers in 13 major grain-producing provinces including Hunan and Sichuan and other major grain-producing counties provide insurance guarantee covering the full cost of agricultural production or planting income. In 2021, it will cover 500 major grain-producing counties in the implementation area, and in 2022, it will achieve full coverage of major grain-producing counties in 13 major grain-producing provinces.
Taking into account the convergence of existing insurance types and related policies, according to the “Notice”, for the major grain-producing counties included in the implementation of the policy, relevant farmers and agricultural production and operation organizations can provide direct materialized cost insurance, agricultural catastrophe insurance, and full cost insurance in 2021. Or you can choose your own products in the crop income insurance. From 2022, you can choose the insured products independently in the direct materialized cost insurance, full cost insurance or crop income insurance, but you must not double insured.
Not only is the choice flexible, but the subsidy has also been increased. The “Notice” clarified that the central and local governments will subsidize the insurance premiums of insured farmers. On the basis of the provincial financial subsidy not less than 25%, the central government will subsidize 45% of the central and western regions and the northeast region and 35% of the eastern region.
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