Harvest rainfall index insurance for commercial rice implemented in Ningbo

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Category: Ningbo District

Published: Tuesday, 10 October 2023 14:03

In the past, farmers were very afraid of continuous rain during the rice harvest season. In humid environment, rice that is not harvested in time is prone to sprouting, moldy, and spoilage, resulting in huge losses. Nowadays, farmers can apply for compensation for such losses from insurance companies.

In recent days, Mr. Zhang, a grain farmer in Lushansi Village, Hemudu Town, Yuyao City, spent over 1000 yuan to insure his 50 acre rice field. “After paying this money, I no longer have to worry about rain during the rice harvest,” Mr. Zhang said. It is learned that this is the first commercial rice harvest rainfall index insurance to be implemented in Ningbo.

At present, it is the flowering period of late rice. According to the insurance terms, if there is more than 3 consecutive days of rainfall and the cumulative daily precipitation reaches a certain level during the rice ripening to harvesting period, a claim can be applied to the insurance company.

After its launch, this insurance has been welcomed by various planters. In less than a week, PICC Property and Casualty Insurance Ningbo Branch has provided 2.25 million yuan of risk protection for over 15000 acres of paddy fields in the city