Agriculture insurance aids poverty reduction
China’s insurers paid 34.8 billion yuan ($5.12 billion) in agriculture insurance in 2016, which helped with poverty reduction, a senior official said. Some 45.75 million rural households received compensation from agriculture insurance as insurers developed various products for farmers, said Chen Wenhui, vicechairman 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 Yunnan had access to supplemental medical insurance, in addition to their basic medical insurance. Around 90 million rural residents have bought life insurance worth over 1.4 trillion yuan in total.