The Finance Ministry said that, after one year of agricultural insurance on pilot basis during 2011-2013, so far the pilot program of agricultural insurance has been implemented in all the provinces and cities with 160,787 households engaged in insurance contracts, with poor households representing 80%.
Insurance value of crops, livestock, fisheries is VND 1,845 billion, the premium fee is worth VND 130,518 million,
In specific, for rice, in the southern provinces such as Binh Thuan, Dong Thap, Nghe An, Thai Binh, Ha Tinh, Nam Dinh and An Giang, the total rice area with insurance is 36,997 ha; the total number of insured households is 149 502; total insured value of more than VND 823.255 million; total premium is VND 35.97 million; compensation of VND 6 billion have been paid for incident occurence in Nghe An and Ha Tinh.
For livestock, in the provinces of Bac Ninh, Dong Nai, Nghe An, Vinh Phuc Thanh Hoa, Binh Dinh, Hanoi, the total livestock under insurance subscription is 3,700 cattle; 179,800 pigs and 821,000 poultries; the total number of insured households is 7362; total insured value is VND 186,378 million; total premium is VND 12 259 million; VND 23 million has been paid in compensation.
For fisheries, in the provinces of Bac Lieu, Soc Trang, Tra Vinh, Ben Tre, Ca Mau, the total area under insurance is 1032 ha; the total insured households is 3923; total insured value is VND 836,340 million; total premium is VND 82,288 million; and VND 35,854 million has been paid in compensation.
The Finance Ministry said that the above positive results are thanks to the fact that enacted policy, mechanisms are relatively adequate and synchronous, facilitating localities and insurance companies in implementation.
New regulations (such as providing additional objects of livestock, shrimps / fishes insurance and expansion of insured risks for rice, livestock, fisheries, increasing of the incurred productivity for rice up to 90% of average productivity of insured co-operatives or units, etc.) will help increase the benefits for the insured when damage occurs due to act of God, epidemics and within the scope of insurance.
The Finance Ministry further said that, according to the plan, the period of agricultural insurance on pilot basis would be extended to 30/06/2014, inclusive.
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