The recently published “People’s Daily”, titled “China Life Agricultural Insurance High-quality Services for the Construction of a Powerful Agricultural Nation”, reported that China Life has given full play to its business functions and comprehensive financial advantages, and effectively acted as an economic “shock absorber” and social “stabilizer” The role is to nourish rural areas with a steady stream of financial water, help safeguard the basics of “agriculture, rural areas and farmers” and lay a solid foundation for the construction of an agricultural power.
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To strengthen a country, we must first strengthen agriculture, and only then can the country be strong. The 2023 government work report proposes to stabilize food production and promote rural revitalization. In June this year, the People’s Bank of China, the State Administration of Financial Supervision, the China Securities Regulatory Commission, the Ministry of Finance, and the Ministry of Agriculture and Rural Affairs jointly issued the “Guiding Opinions on Financial Support to Comprehensively Promote Rural Revitalization and Accelerate the Construction of an Agricultural Power” to provide guidance for the construction of a modern rural financial service system. specific tasks.
As a central financial enterprise, China Life Insurance (Group) Company continues to optimize and expand its product system and insists on improving the accessibility of financial services. Focusing on agricultural insurance and other agricultural insurance, it jointly carries out agricultural financing and bank credit support to comprehensively assist insurance companies. We will strengthen the fundamentals of “agriculture, rural areas and farmers”, serve to ensure national food security, and support the construction of a strong agricultural country.
In the first half of this year, life insurance companies under China Life provided 18 trillion yuan in risk protection for 190 million rural people and paid 8.2 billion yuan in compensation to 2.08 million people. As of the first half of this year, the group’s property and casualty insurance companies have provided nearly 4.6 trillion yuan in risk protection for 153 million rural households, paid more than 28 billion yuan in compensation, and benefited more than 20 million rural households; the stock of insurance funds invested in rural revitalization exceeded 700 million 100 million yuan; the balance of agricultural-related loans from China Guangfa Bank, a member of the group, exceeded 160 billion yuan, and the balance of loans issued for Guangdong’s “Hundred Counties, Thousand Towns and Ten Thousand Villages High-Quality Development Project” exceeded 580 billion yuan.
Comprehensive risk protection
Maintain the bottom line of food security
Since China Life entered the agricultural insurance market in 2012, it has always followed the national agricultural insurance policy guidelines. Risk protection for the three major staple food crops of rice, wheat and corn is an important factor in the stability of the production of the three major crops. In 2022, China Life will further expand the pilot program of complete cost (income) insurance for the three major food crops, and its property and casualty insurance companies will be launched in 12 provinces and 298 counties (districts), with a cumulative insured area of over 46 million acres, helping to secure the bottom line of food security. In addition, China Life has also innovated the seed production insurance model to support the development of the seed industry. In Yihuang County, Jiangxi Province, for hybrid rice seed production, the local pillar industry of agriculture, China Life Insurance Company Jiangxi Branch launched comprehensive meteorological index insurance for rice seed production, which will convert meteorological factors such as dry and hot winds and continuous rain that have the greatest impact on the seed production process. In 2022, nearly 13 million yuan of compensation will be paid to 1,090 seed production farmers in Jiangxi, and the compensation area will exceed 38,000 acres, promoting the local seed production area to expand. Nearly double.
China Life Agricultural Insurance Specialist
Using drones to inspect farmland rice labels
Expanding coverage, adding products, and raising standards are important paths for the high-quality development of my country’s agricultural insurance. To this end, China Life has focused on the central government’s “reward instead of subsidy” special agricultural product insurance for local governments, and developed local agricultural insurance products based on local conditions. They have been launched in 15 provinces including Inner Mongolia, Jilin, and Heilongjiang, and support counties that have been lifted out of poverty in the “One County” Build higher-level industrial clusters on the basis of “multi-product” to promote farmers’ continuous increase in income. In Boxing County, Binzhou City, Shandong Province, the Shandong Branch of China Life Property & Casualty Insurance Company, in addition to traditional farming insurance for Penaeus vannamei, also innovatively launched comprehensive weather index insurance. In the past four years, it has provided risk protection for 2,270 farmers for nearly 3.6 years. billion to effectively support the sustainable development of local characteristic industries. Since 2022, China Life has also provided engineering insurance protection for 191 “high-standard farmland engineering projects”, helping farmland construction projects to be further standardized, scientific and refined.
Efforts to innovate “insurance+”
Provide comprehensive financial and diversified services
As a new financial tool, “insurance + futures” allows insurance companies to organize farmers through “price insurance” and “collectively” enter the futures and options market to implement transactions, thereby diversifying the market risks of farmers’ planting and breeding products through multi-level capital markets. . This is an important innovation for the capital market to support agriculture, and it is also an innovation for agricultural insurance. In 2022, China Life’s “insurance + futures” will cover 25 provinces, providing nearly 7 billion yuan in risk protection. Taking Yunnan Province as an example, the Yunnan Branch of China Life Insurance Company has underwritten “insurance + futures” projects there for six consecutive years, involving natural rubber, sugar and other fields. Among them, rubber “insurance + futures” accounted for 36,000 accounts Farmers provided risk protection of more than 660 million yuan.
China Life staff
Understand the moisture, growth, disease and insect pests of wheat on the spot
China Life actively leverages its comprehensive financial advantages, and the group’s insurance and banking businesses collaborate to enter the rural frontline to enhance the accuracy and effectiveness of financial support for rural areas. In Fengkai County, Zhaoqing City, a large-scale apricot chicken breeding base in Guangdong, China Guangfa Bank, a member of China Life Group, and its property and casualty insurance company have innovatively launched an “insurance + futures + bank” project to insure the profits from laying hen breeding by linking eggs, The price changes of corn and soybean meal are used to protect the profits of farmers raising laying hens, and provide price risk protection of more than 30 million yuan for 2.25 million laying hens in Fengkai County. Relying on the credit enhancement of the insurance policy, China Guangfa Bank also provided policyholders with low-cost working capital loans of 2.4 million yuan, effectively solving the problems encountered by local leading agricultural enterprises in terms of business turnover and market price changes.
In other “insurance +” models, China Life has also made fruitful innovations. In Huairou District, Beijing, it provides Huairou Chestnut with comprehensive financial services based on the “insurance + credit + e-commerce + technology + think tank” model; in Tianjin, it develops various forms of insurance products such as “insurance + financing” and “insurance + weather” Innovate and revitalize biological assets through the “living mortgage + insurance guarantee + bank credit” model; in Shanxi Province, innovate the “insurance + agricultural guarantee + credit + futures” model to provide comprehensive financial protection for new agricultural business entities in the fruit industry and crack the financial problem. In addition, China Life continues to develop new models of carbon sequestration insurance protection. On August 10, 2023, the country’s first “Forestry Carbon Sequestration Insurance+” service project was launched in Longyan City, Fujian Province. The Fujian Branch of China Life Property & Casualty Insurance Company is a local state-owned company. The forest farm provides more than 8.9 million yuan in carbon emissions trading value risk protection, promotes the upgrade and transformation of functional carbon sink guarantees to trading carbon sink guarantees, and assists in the cultivation of forest resources.
Strengthen technological empowerment
Agricultural insurance services are more accurate and efficient
The combination of traditional agricultural insurance and scientific and intelligent digital technology provides effective support for more accurate and efficient agricultural insurance services. In recent years, China Life has vigorously improved its pre-disaster risk reduction management service capabilities. Its property and casualty insurance companies have built an “Anxinfeng” smart disaster prevention and loss prevention cloud platform. After superimposing the spatial analysis of agricultural insurance underwriting land parcels, it can support the risks of agricultural insurance targets. Identify early warnings, etc. In the second half of 2022, the platform sent more than 80,000 parcel-level meteorological disaster warnings and provided more than 5,000 parcel-level real-time monitoring and warnings of forest fires, empowering agricultural production risk prevention and control.
China Life staff
Explain local policy agricultural insurance to farmers
For farmers, through the application of remote sensing technology, China Life has established a three-dimensional “sky, air and ground” connection between satellite remote sensing monitoring, precise sampling by drones, and mobile clients China Life i Nongbao, China Life i Nongfei and other home-based docking services. The integrated service system has created a new digital agricultural insurance model that links the three networks of Star Internet, Gas Internet and Video Internet to realize agricultural risk early warning, agricultural conditions management, crop growth monitoring, pest and disease monitoring and other functions, helping farmers improve their ability to resist natural disasters. ability. In July this year, after Dama Village, Taoyuan Street, Zhuozhou City, Baoding City, Hebei Province suffered a flood, China Life Property & Casualty Insurance Company Hebei Branch used satellite remote sensing technology to quickly pay 1.03 million yuan in compensation through the claims green channel after confirming the loss of cornfield area. It solved the urgent needs of the local people.
China Life staff
Operate drones to monitor wheat in insured areas
For farmers, China Life has built a smart farming cloud platform with cameras, electronic fences, cow face recognition and other artificial intelligence algorithm technologies as the core, and gradually promoted blockchain technology-based farming enterprises, insurance companies, harmless treatment plants, animal The four parties of health supervision agencies have cooperated with the breeding insurance operation model to realize the entire process of breeding insurance online, making it easier for breeding farmers to apply for insurance and claim settlement.
China Life regards agricultural insurance as a pragmatic measure to serve the construction of an agricultural power, and does a solid job in agricultural insurance, giving full play to the important role of agricultural insurance in dispersing agricultural production and operation risks and ensuring farmers’ income, and building a solid “safety net” for agriculture. Let farmers take “reassurance”. In the future, China Life will further expand the field of financial and insurance services and give full play to the role of financial and insurance in serving “agriculture, rural areas and farmers“It plays an important role in promoting the construction of an agricultural power, uses financial water to irrigate rural areas, uses financial power to ensure national food security, and contributes more to serving the construction of an agricultural power and promoting agricultural and rural modernization.