Adhere to the innovation of agricultural insurance products
At present, although China has become the first agricultural insurance market in Asia and the second largest in the world, Zhang Taolin, Vice Minister of Agriculture, pointed out that the depth of agricultural insurance in China is only 0.56%, which is lower than the global average of 1%, even lower than the level of 7% in the United States, and there is still great room and potential for development.
According to Xiang Junbo, Chairman of the China Insurance Regulatory Commission, the development model of agricultural insurance will gradually change from supply-driven to demand-driven, and agricultural insurance urgently needs transformation and upgrading.
"China's agricultural insurance is not only a management tool to prevent natural risks, but also more integrated into all aspects of China's modern agricultural construction, playing more roles in the construction of rural financial system, the adjustment of agricultural industrialization structure and transformation and upgrading." Shi Jian, vice president of Anxin Agricultural Insurance Co., Ltd. said.
Therefore, the innovation of agricultural insurance products is more urgent. According to the demand of agricultural modernization, the innovation of agricultural insurance products should go beyond the limitation of traditional products "low premium and minimum living standard", and the subsidies of the central government should be adjusted accordingly, from subsidizing traditional agricultural insurance to subsidizing innovative products of new rural business entities.
"In recent years, due to the deepening influence of the international agricultural products market, the price competition pressure of agricultural products in China has increased, and the exploration of target price index insurance has provided a path to solve this problem." In an interview with the reporter of Rural Financial Times, Professor Guo of capital university of economics and business said that target price index insurance, as a benchmark of agricultural insurance product innovation, has a lot to learn from. "Although the exploration of target price index insurance mainly focuses on vegetables and pigs. With the gradual expansion to more commodities in the future, target price index insurance will play a greater role in the price reform of agricultural products. "
At the same time, Guo believes that insurance companies should actively develop various new agricultural insurance products, such as weather index insurance, price index insurance, output insurance, income insurance, rural microfinance guarantee insurance and other new products and actively pilot them to explore the increasingly diversified and multi-level agricultural risk protection needs.
Accelerate the transformation of agricultural insurance model
The reporter noted that compared with the No.1 Document of the Central Committee in previous years, this year's statement on agricultural insurance has added more first-time contents on the basis of "expanding the coverage of agricultural insurance, increasing insurance varieties and improving the level of risk protection". Among them, the continuous and steady expansion of the "insurance+futures" pilot has attracted much attention.
In fact, 20 15 "Opinions of General Office of the State Council on Accelerating the Transformation of Agricultural Development Mode" proposes to "support new agricultural business entities to use derivatives such as futures and options for risk management" and "explore the pilot projects of output value insurance and target price insurance" to support the financial innovation of "insurance plus futures" from the policy level.
With the issuance of documents and the support of policies, Dalian Commodity Exchange (hereinafter referred to as "Dashang Exchange") and China People's Property Insurance Co., Ltd. (hereinafter referred to as "PICC P&C") signed a strategic cooperation agreement last year. The signing of the first single futures institution to participate in agricultural product price insurance marks the official launch of the new financial model of "insurance+futures".
It is reported that PICC Dalian Branch launched the first domestic corn and egg futures price insurance in August last year, providing 2 1 ton corn risk protection for 5 1 farmers in Yixian, Jinzhou, and providing 3.2 million yuan risk protection for 300 tons of eggs of 4 farmers in Pulandian, Dalian and Xishui, Huanggang, and signed a comprehensive contract with Shanghai Xinhu Ruifeng Financial Services Co., Ltd.
By the end of 20 15, the trial of corn futures price insurance has been completed, with a total compensation of 24.1/10,000 yuan, with payout ratio reaching 208.2%. Egg futures price insurance pays 65,300 yuan in the first phase, 5 1.04% in payout ratio, effectively improving farmers' ability to resist the risk of price decline; Although the price insurance of corn futures is twice as high as that of payout ratio, Shanghai Xinhu has recovered its losses from the futures market and its cooperation attitude with insurance companies is more active.
In this regard, Alvin Wong Alvin Wong, general manager of Founder Mid-term Futures Investment Consulting Department, said: "If agricultural product price insurance can be popularized in China, it will create a brand-new financing method for farmers, cooperatives and related agricultural enterprises. Agricultural product price insurance guarantees the stable income of farmers, cooperatives and agricultural enterprises, and can pledge price insurance policies in banks, which will effectively improve the loan difficulties of farmers, cooperatives and agricultural enterprises. "
However, he suggested that local government departments should participate in the pilot and promotion of agricultural product price insurance, pay a certain fee to subsidize cooperatives, agricultural enterprises and farmers in the form of premium subsidies, and support futures exchanges, agricultural insurance companies and futures companies to jointly carry out this policy pilot of financial innovation with China characteristics.
New business entities are concerned.
Xiang Junbo believes that the emerging new agricultural business entities in the process of agricultural modernization naturally have an urgent demand for financial insurance. However, the main contradiction at this stage is that agricultural insurance cannot meet the growing risk demand of the majority of new agricultural business entities.
According to statistics, there are more than 2.5 million new business entities such as family farms, cooperatives and leading enterprises in China's agricultural industrialization, which are the main force of agricultural scale management. Compared with ordinary small farmers, the new business entity is no longer the simple reproduction of subsistence farmers or part-time farmers, but the commercial expanded reproduction, which pursues economies of scale, has large scale, high risks and many modern elements. Han Changfu believes that "they need finance more and insurance more."
Guo, president of China People's Property Insurance Co., Ltd., revealed that last year, the company carried out 52 agricultural-related "government-banking-insurance" projects in Hebei, Jilin, Guangdong and other provinces, and set up asset management products and investment funds with a quota of 5 billion yuan to provide financing funds for new agricultural business entities and small and micro enterprises.
Yan frankly said that the new agricultural business entities have presented new characteristics, new risks and new demands in the development of modern agriculture. "The innovation of agricultural insurance products will go beyond the limitations of traditional products such as" low premium and minimum living allowance ",adapt to the higher requirements of new business entities for risk dispersion level and guarantee ability, and meet their needs to avoid higher risks under large-scale and high-input production methods, which is conducive to promoting the development of modern agriculture and new business entities."
It is worth mentioning that Guo believes that innovative products of new rural business entities should be included in the scope of central financial subsidies. At present, the central government mainly provides premium subsidies to the traditional "low premium and low subsistence" agricultural insurance for bulk crops. In this way, for innovative products oriented to new rural business entities, the insurance amount and premium rate exceed the premiums of existing traditional products, and the central government will not subsidize them.
At present, the government implements a unified subsidy policy for premium subsidies of agricultural insurance, and the subsidy ratio has nothing to do with the planting scale of the insured and the level of insurance products. "To some extent, this subsidy policy is incompatible with the agricultural development policy orientation of the state to encourage new agricultural business entities." Zhu Guo believes that the current premium subsidy policy does not reflect the policy orientation of promoting modern agriculture and new rural business entities. The new business entity of large-scale operation has high land utilization rate, output rate and commercialization rate, which contributes greatly to national food security, and the premium subsidy of the state for policy agricultural insurance should be tilted towards it. It is necessary for the central government to include the innovative products with high security of new rural business entities, such as income insurance products or full-cost insurance products covering land lease costs and labor costs, into the scope of subsidies in time.