In the first three quarters of this year, China reported 607 million yuan (US$74.85 million) of premium income on agricultural insurance, up 66.07 percent over the same period last year, according to latest statistics from the China Supervision Commission on Insurance.

The agricultural premium accounted for 0.63 percent of the total property insurance, up 0.21 percentage points year-on-year. During the period, the compensation for agricultural items reached 197 million yuan (US$24.29 million), up 64 percent over the same period last year.

Zhou Yanli, vice-chairman of the commission, said at a forum held Saturday that after several years of readjustment, China's agricultural insurance has bidden farewell to the situation of shrinking business.

China now has set up three agricultural insurance companies in Shanghai, Jilin and Heilongjiang provinces. Besides, the government is also launching trials in nine provinces and regions including Jiangsu, Sichuan, Liaoning provinces and Xinjiang Uygur Autonomous Region to encourage them to set up various kinds of agricultural insurance mechanism. China also introduced in overseas agricultural insurance companies to join in the trial, said Zhou.

Zhou said that agricultural insurance is still a new thing in China. The commission will continue to pace up support in this regard to help promote further development of the sector.

(Xinhua News Agency November 13, 2005)