First commercial insurance on wheat meteorological index
- Details
- Category: Ningbo District
- Published: Wednesday, 31 January 2024 12:54
index launched in Ningbo
The growth of crops is often affected by the natural environment. On January 2, the first commercial insurance on meteorological index of wheat was launched in Yuyao County by the Ningbo branch of PICC Property and Casualty Insurance, aiming to fight against the effects of severe elements on wheat growth. This insurance can effectively protect farmers from the risks they face during continuous low temperature and rainy days, thus reducing possible losses.
Song Zheng, a major grain grower in Huangjianshan Village of Lizhou Sub-district, Yuyao County, has contracted over 700 mu of land locally to plant such crops as wheat and oilseeds. Last year, the wheat he planted had a bountiful harvest. “The cold winter season is a critical
period for wheat growth. The continuous low temperatures may cause freezing damage and lead to reduced wheat production.” Song said that the newly launched commercial insurance can provide a risk protection of 74,000 yuan for his 185 mu of wheat.
“This insurance product is tailored for wheat growers, providing protection from continuous rainfall and freezing damage caused by low temperature. During the protection period stipulated in the policy, if farmers experience a certain number of consecutive days of low temperature or rainfall, they can make insurance claims.” said Chen Yanyan, Manager of Yuyao Agricultural Insurance Department of PICC Property and Casualty Insurance (Ningbo). Previously, there had been other policy-based “wheat growth insurance” products in Ningbo. The launch of this new commercial meteorological index insurance has further enriched the variety of agricultural insurance products and expanded the coverage of insurance.
Reportedly, the wheat planting area of Ningbo is about 300,000 mu. The new wheat insurance may promote the transformation and upgrading of the agricultural insurance, further enhance farmers’ ability to resist risks, and consolidate the foundation for food production safety