China's agricultural insurance premiums surge 23 pct in 2022

BEIJING, Feb. 7 -- China's agricultural insurance premiums logged rapid expansion in 2022 as the country made efforts to stabilize farmers' incomes and promote rural revitalization, official data showed.

The country's agricultural insurance premiums totaled 119.2 billion yuan (about 17.54 billion U.S. dollars) last year, jumping 23 percent from the previous year, according to the Ministry of Finance.

The insurance provided risk protection for 167 million rural households, playing a bigger role in supporting and benefiting farmers.

China is leading the world in terms of the scale of agricultural insurance premiums, the data also showed.