Chinese Province Launches Pilot Projects of Insurance for Tobacco Growing

Source from:  TobaccoChina Online 07/25/2011

The provincial tobacco monopoly administration and provincial insurance regulatory administration of southwest China's tobacco-producing Guizhou Province have jointly issued the Program of Guizhou Province for Launching Pilot Projects of Insurance for Tobacco Growing, officially starting pilot projects of extending policy-related insurance for tobacco growing in Guizhou Province. It was reported that the pilot projects of insurance for tobacco growing launched this time would cover eight counties and county-level cities in the province, with the acreage of tobacco crops under the insurance program estimated at 500,000 mu (33,333 hectares). In accordance with the results of operating the pilot projects, the insurance program will gradually cover larger areas as of 2012, in order that policy-related insurance for tobacco growing will cover the whole of Guizhou Province as of 2013. As far as insurance premiums under the program are concerned, the local tobacco monopoly administrative authorities, the local government and the local tobacco growers will jointly pay insurance premiums at a ratio of 5:3:2, according to sources with Guizhou Provincial Insurance Regulatory Administration. Enditem