World meat industry news

Over the sixteen years of the existence of the agricultural insurance system with state support, China has increased the volume of agricultural insurance by 20 times. Russian agricultural insurers propose to create a commission for the exchange of experience in this area.

The Chinese agricultural risk insurance market is one of the largest in the world and amounted to $17.5 billion in 2022, almost a third more than a year earlier, according to the National Union of Agricultural Insurers. Since 2007, when the state-supported agricultural insurance program was first introduced in the country, the volume of agricultural insurance has increased 20 times, the union said in a statement.

The NSA notes that the principles of agricultural insurance in China and Russia are similar, both countries use the model of public-private partnership, with a multi-risk principle of insurance. Therefore, according to representatives of the union, it would be beneficial for Russia and China to exchange experience in this area and discuss the possibilities of introducing new technologies in the agricultural insurance industry.

The NAAI proposes to create a subcommittee on agricultural insurance issues to discuss with Chinese colleagues from 2021, the union said. Representatives of the union explained that they would return to the issue of creating a commission in the coming year.