Promoting "Insurance and Guarantee Linkage" Three Departments Issue Guidelines to Improve Accuracy of Swine Insurance Coverage and Claims

Xinhua News Agency Beijing, March 13 (Reporter Zhang Qianqian) The State Administration of Financial Supervision, the Ministry of Finance, and the Ministry of Agriculture and Rural Affairs jointly issued the “Notice on Strengthening Collaboration to Promote High-Quality Development of Pig Insurance,” requiring coordinated efforts to advance the linkage between pig insurance and harmless disposal, known as “insurance-disposal linkage,” to promote “double precision” in underwriting and claims for pig insurance.

It is understood that pig insurance is China’s largest agricultural insurance, accounting for about one-fifth of the country’s total agricultural insurance premiums. By 2025, China’s pig insurance will provide risk coverage exceeding 600 billion yuan, playing an important role in ensuring pig production and food safety.

A responsible official from the relevant department of the Financial Supervision Administration stated that in recent years, with the development of the pig industry, higher requirements have been placed on the level of insurance protection and data sharing across the pig industry chain. It is necessary to introduce regulations to standardize key aspects of pig insurance, strengthen penalties for violations, and promote high-quality development of pig insurance.

According to the notice, due to the characteristics of pig farming and epidemic prevention requirements, precise underwriting and claims for pig insurance often face significant challenges. The notice proposes using the “insurance-disposal linkage” to analyze and verify data such as slaughter records, harmless disposal, and inspection and quarantine data from the agricultural sector with insurance underwriting and claims data, improving data accuracy. It stipulates that harmless disposal facilities should carry out disposal within 48 hours of receiving dead pigs and issue certificates, which can enhance the efficiency of insurance claims.

Currently, in some regions of China, pig insurance premiums have not been adjusted for many years and are disconnected from actual risk conditions, with some insurance types consistently operating at a loss. The notice clarifies that the premium adjustment cycle should not exceed three years, and a mechanism of “increase or decrease” based on farmers’ management levels and risk conditions should be established, aligning with market principles and encouraging industry participation.