China Insurance Regulatory Commission today said that the country has emerged as the world’s second largest agricultural insurance market after the US with a compensation payment of $3.4 billion.
China’s agricultural insurance covered 73 million hectares of crops in 2013, which is 45% of the total planting acreage.
The agricultural insurance scheme paid $3.4 billion in compensation and benefited 33.67 million rural households last year.
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