, China
/Hedwin Hu from Unsplash

Agricultural insurance in China shows muted growth

It grew by 6% YoY.

China’s agricultural insurance has been a stable growth sector in the property insurance industry, consistently achieving high premium growth rates, averaging around 20% year-on-year (YoY) for over a decade, reported Caixin Global.

However, in the first half of 2024, agricultural insurance premium growth was muted, increasing only 6% YoY. 

In provinces such as Xinjiang, Guangdong, Jilin, and Yunnan, signed premium scales fell by approximately 20% to 30% YoY. 

Although the situation varies by province, and the reasons for the slowdown differ, many industry insiders attribute the decline to financial pressures faced by local governments.

Unlike the auto insurance market, which faces limited growth potential and intense competition, and credit guarantee insurance, which carries high risks and loss ratios, agricultural insurance has been profitable on the underwriting side.

Follow the link for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Income-Allianz failed merger shows popular opinion is king
The deal faced backlash from Singaporeans who thought it betrayed Income’s social mission.
Filipino gamers hold promise for FWD
The insurer plans to support other games and aspects of the gaming ecosystem beyond esports.