Agri­cul­ture in­sur­ance aids poverty re­duc­tion

China Daily (Hong Kong) - - BUSINESS -

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.

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