Reporters learned from the Xinjiang Banking and Insurance Regulatory Bureau on May 19: As cotton sowing in Xinjiang continues from south to north, as of the end of April, cotton agricultural insurance The insured area has reached 30.8564 million acres (including the Corps).
Agricultural insurance has provided a protective umbrella for cotton production and improved the ability and confidence of insured cotton farmers to resist disasters and help themselves. Data from the Xinjiang Banking and Insurance Regulatory Bureau show that from 2007 to 2020, the cumulative compensation expenditure of cotton agricultural insurance was 18.164 billion yuan, with an average annual increase of 23.95%.
Liu Wentan, a major cotton grower in Niuchang Village, Bixibag Township, Kuqa City, is a beneficiary of agricultural insurance. At the end of March this year, a hailstorm destroyed the 290 acres of cotton he had just sown, and all of them had to be resown. “Currently, the Xinjiang Branch of the People’s Insurance Company of China has completed the damage assessment and compensated me 300 yuan per mu of land. The compensation has now been received, which can basically make up for the cost of replaying,” he said.
This year, Cotton Insurance will continue to implement the premium subsidy policy. In 2007, the central government included cotton as a pilot species for premium subsidies, and the finance provided premium subsidies every year, effectively reducing the payment burden on farmers and increasing their enthusiasm for participating in insurance. “This year’s premium for one acre of land is 61 yuan. After the central and autonomous region financial subsidies, I only need to pay 21.35 yuan, which effectively reduces my premium burden.” Liu Wentan said.
Like Liu Wentan, Ning Chengbao, a large cotton grower in Dongtan Village, Ershilitian Town, Hutubi County, is also an active purchaser of agricultural insurance. Now he has purchased agricultural insurance for 20 consecutive years. It’s insured. After sowing cotton every year, the first thing he and the cotton farmers in his village do is buy agricultural insurance.
Driven by the two wheels of risk compensation and premium subsidies, Xinjiang’s cotton insured area has expanded year by year since 2007. In 2020, the insured area exceeded 37 million acres, an increase of one percent from 2007. More than times. The insurance participation rate of cotton continues to increase, exceeding 90% last year, making it the crop with the highest insurance participation rate in Xinjiang.
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