China's insurance companies have been encouraged to develop more affordable
and innovative products for farmers and migrant workers to support the
government's efforts to expand the insurance coverage and establish a harmonious
"Developing insurance for farmers, migrant workers and agriculture will be a
major task for us this year," Wu Dingfu, chairman of the China Insurance
Regulatory Commission (CIRC), said yesterday at the country's annual insurance
Around 91 percent farmers in the country's 63 counties took part in a rural
healthcare project last year under which 6.73 million received a combined 600
million yuan as compensation for healthcare spending.
Meanwhile, over 30 million migrant workers from 22 provinces were insured
last year, with the value of their coverage reaching 770 billion yuan.
"We will further strengthen our investment in rural areas this year by adding
more outlets and improving marketing channels," said Wu Yan, general manager of
China Life Insurance Co, the country's largest life insurer.
Statistics from the CIRC show that agriculture insurance premiums jumped 16.2
percent last year, hitting 850 million yuan.
"We are now working on legislation for agriculture insurance and will further
promote the reserve system for agriculture catastrophe insurance ," said Wu
(China Daily 01/22/2007 page3)