Agricultural insurance shelters farmers in grain belts

HARBIN, Nov. 23 (Xinhua) -- China's fledgling agricultural insurance sector has buffered farmers against greater losses after hail, pest outbreaks and a massive typhoon hit China's breadbasket, the northeastern provinces of Heilongjiang and Jilin, a local official said Thursday.

"Agricultural insurance has proven instrumental in transferring risks and stabilizing farmers' income," said Liu Feng, director of the Heilongjiang Provincial Insurance Regulatory Bureau.

Zhang Chuanxin, a farmer in Heilongjiang Province, received 3,747 yuan (595 U.S. dollars) from his insurer for hundreds of cornstalks crushed by Typhoon Bolaven.

"It's not big money, but better than nothing," Zhang said as he lined up with about 600 farmers in the school playground of Xinmin Village to claim their compensation.

In Jilin Province, Anhua Agricultural Insurance, a national crop insurer, said it has offered 192 million yuan in compensation to 451,900 families.

Agricultural insurance policyholders have mushroomed in recent years as China rolled out subsidy packages for the agricultural sector, which involves half of China's population.

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