Concept and development of weather insurance index

The concept of index-based weather insurance first appeared in the late 1990s.

Weather index insurance has developed to some extent in many countries. For example, with the help of the World Bank, ICICI, India's largest private bank, has been trying agricultural weather index insurance for five consecutive years and achieved good results. It has been operating independently and is responsible for its own profits and losses, and its business has expanded to the whole of India. Of course, the risk liability of Indian agricultural weather index insurance is only drought. But in China, weather index insurance is still a new thing. On June 24th, 2009,165438+1October 24th, China's first crop drought index insurance product was approved by the China Insurance Regulatory Commission, and pilot work was carried out in some towns and villages in Changfeng County, Anhui Province. The pilot work was jointly carried out by the Ministry of Agriculture, the International Fund for Agricultural Development and the United Nations World Food Programme. This marks the official start of the practical exploration of weather index insurance in China.