China's agriculture insurance income reached 10.54 billion yuan (US$1.54 billion) by this November, soaring 112 percent compared with the same period last year, the country's top insurance regulator announced on Saturday.

"With what we have achieved in 2008, we will further develop insurance related to agriculture, farmers and rural areas in 2009," said Wu Dingfu, chairman of the China Insurance Regulatory Commission (CIRC).

According to Wu, agricultural insurance, with central fiscal support, was expanded to 16 provincial areas compared last year, when the country initiated agriculture insurance trials in six provincial regions.

A total of 4.22 billion yuan of crop and livestock insurance compensation was paid to 10.32 million rural households since this year for various reasons.

The CIRC planned to expand crop insurance to all major grain-growing areas across the country next year, according to Wu. More insurance programs would also be developed especially for farmers.

Wu said the commission was also considering setting up an insurance scheme against severe natural disasters.

(Xinhua News Agency December 28, 2008)