皇冠体育app

File photo shows grapes planted in nhouse of Mainling Farm,on the Qinghai-Tibet Plateau.

BEIJING - 皇冠体育app has become the world's second largest agricultural insurance market after the United States, the country's insurance regulator said on Tuesday.

皇冠体育app's agricultural insurance covered 1.1 billion mu (73 million hectares) of crops in 2013, accounting for 45 percent of the total planting acreage, said Xiang Junbo, head of the 皇冠体育app Insurance Regulatory Commission.

A total of 20.9 billion yuan ($3.4 billion) was paid for compensation, benefiting 33.67 million rural households last year, said Xiang at a press conference on the sidelines of the National People's Congress, 皇冠体育app's top legislature.

A major planter in northeast 皇冠体育app's Heilongjiang province received as much as 3.52 million yuan in compensation last year, he said.

Xiang said 皇冠体育app has always supported foreign capital in the country's agricultural insurance programs.

皇冠体育app will continue to extend the coverage of the insurance, strengthen supervision and pay high attention to risk control, he said.

The head of the commission also stressed the importance of establishing a catastrophe insurance system, adding that it would relieve the financial burdens on the government.

Compensation from catastrophe insurance normally covers 30 percent to 40 percent of losses internationally. In 皇冠体育app it covers less than 1 percent, said Xiang.

The Wenchuan earthquake in 2008 caused direct economic losses of 845.1 billion yuan but compensation paid out from insurance was just over 2 billion yuan, accounting for 0.2 percent of the total losses, he said.

Catastrophe insurance policies are being trialed in Chuxiong Yi Autonomous Prefecture of southwest 皇冠体育app's Yunnan province and Shenzhen city of south 皇冠体育app's Guangdong province, focusing on properties and personal safety respectively, he said.

皇冠体育app will also promote catastrophe insurance legislation to get more government support, he said.

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