From the No. 1 Central Document issued at the beginning of the year to the recent symposium on insurance services for agricultural modernization jointly held by the Ministry of Agriculture and the China Insurance Regulatory Commission in Beijing, agricultural insurance is supporting economic and social development in its own way.

As a "stabilizer" for agricultural development, agricultural insurance is not only an important support for accelerating agricultural modernization, but also a "booster" for modern agriculture through reform and innovation efforts.

Persisting in innovation of agricultural insurance products At present, although my country has become the largest agricultural insurance market in Asia and the second largest in the world, Zhang Taolin, Vice Minister of the Ministry of Agriculture, pointed out that the depth of agricultural insurance in my country is only 0.56%, which is lower than the global average of 1% and even lower Compared with the 7% level in the United States, there is still a lot of room and potential for development.

According to Xiang Junbo, chairman of the China Insurance Regulatory Commission, the development model of agricultural insurance will gradually transform from supply-driven to demand-pull, and agricultural insurance is in urgent need of transformation and upgrading.

"my country's agricultural insurance is not only a management tool to prevent natural risks, but also more integrated into all aspects of my country's modern agricultural construction, playing a more important role in the construction of the rural financial system, agricultural industrialization structural adjustment, transformation and upgrading." Anxin Shi Jian, Vice President of Agricultural Insurance Co., Ltd. said.

Therefore, innovation in agricultural insurance products becomes even more urgent.

According to the needs of agricultural modernization, the innovation of agricultural insurance products must go beyond the limitations of "low premiums and low insurance amounts" of traditional products. Subsidies from the central government should also be adjusted accordingly, from subsidizing traditional agricultural insurance to subsidizing new types of agricultural insurance.

Innovative products for rural business entities.

"In recent years, due to the deepening influence of the international agricultural product market, the price competition pressure of my country's agricultural products has increased. The exploration of target price index insurance provides a way to solve this problem." Tuo Guozhu, a professor at Capital University of Economics and Business, told a reporter from the "Rural Financial Times" During the interview, he said that target price index insurance, as a benchmark for agricultural insurance product innovation, has many things to learn from.

"Although the exploration of target price index insurance is currently mainly focused on vegetables, pigs, etc., in the future, as it gradually expands to more commodities, target price index insurance will play a greater role in agricultural product price reform." At the same time, Tuo Guozhu believes that insurance

The company should also actively research and develop various new agricultural insurance products, such as weather index insurance, price index insurance, output insurance, income insurance, rural microcredit guarantee insurance and other new products, and actively pilot them to explore increasingly diversified and multi-level products.

Agricultural risk protection needs.

Accelerate the transformation of the agricultural insurance model. The reporter noticed that compared with previous years’ Central Document No. 1, the statement on agricultural insurance this year has added more on the basis of continuing the previous “expanding agricultural insurance coverage, increasing insurance varieties, and improving risk protection levels”

First mention of something.

Among them, the continued and steady expansion of the “insurance + futures” pilot project has attracted much attention.

In fact, the 2015 "Opinions of the General Office of the State Council on Accelerating the Transformation of Agricultural Development Mode" proposed to "support new agricultural business entities in using futures, options and other derivatives for risk management" and encourage "exploration of output value insurance, target price insurance, etc."

Pilot" to support the financial innovation of "insurance + futures" from the policy level.

With the issuance of documents and policy support, the Dalian Commodity Exchange (hereinafter referred to as "DCE") and the People's Insurance Company of China (hereinafter referred to as "PIC") signed a strategic cooperation agreement last year.

The first futures institution to participate in the signing of agricultural product price insurance marks the official launch of the new financial model of "insurance + futures".

It is reported that the Dalian Branch of PICC Property and Casualty Insurance Company launched China’s first corn and egg futures price insurance in August last year, providing 2.16 million yuan of risk protection for 51 farmers in Yixian County, Jinzhou for 1,000 tons of corn, and providing insurance for Dalian Pulandian and Huanggang Xishui.

Four farmers provided 3.2 million yuan of risk protection for 300 tons of eggs, and signed a comprehensive cooperation agreement with Shanghai Xinhu Ruifeng Financial Services Co., Ltd. to use the futures market to transfer the risk of falling agricultural product prices.

As of the end of 2015, the corn futures price insurance pilot has been completed, with a total compensation of 241,100 yuan, and a compensation rate of 208.2%; the first phase of egg futures price insurance has paid 65,300 yuan, with a compensation rate of 51.04%, effectively improving farmers' ability to resist the risk of price declines;

Although the insurance loss rate of corn futures prices is as high as 2 times, Shanghai Xinhu recovered its losses from the futures market and became more proactive in cooperating with insurance companies.

In this regard, Wang Jun, general manager of Founder's mid-term futures investment consulting department, believes: "If agricultural product price insurance can be promoted in my country, it will create a new financing method for farmers, cooperatives and related agricultural enterprises. Agricultural product price insurance guarantees In order to ensure the stable income of farmers, cooperatives and agricultural enterprises, they can pledge their price insurance policies in banks for loans. The previous difficulty in obtaining loans for farmers, cooperatives and agricultural enterprises will be effectively improved. "But he proposed that in the pilot project of agricultural product price insurance. In the process of promotion and promotion, local government departments need to participate, allocate certain fees to subsidize cooperatives, agricultural enterprises and farmers in the form of insurance premium subsidies, and support futures exchanges, agricultural insurance companies and futures companies to jointly promote this unique Pilot policies with Chinese characteristics and financial innovation will continue.