Xinhua News Agency, Beijing, December 7th (reporter Dong Jun) - The China Fisheries Mutual Insurance Association, the first national agricultural mutual insurance organization in our country, has provided a total of 1.4 trillion yuan worth of risk protection to fishermen since its establishment 15 years ago. It has played an important role in ensuring social stability in fishing areas, enhancing the disaster prevention and resistance capabilities of the fisheries sector, and helping fishermen quickly restore production after disasters.
The association was established in 1994 with the approval of the Ministry of Civil Affairs by the Ministry of Agriculture, originally named as the Chinese Shipowners Mutual Protection Association for Fishing Vessels, and renamed as the China Fisheries Mutual Insurance Association in 2007.
Wang Chaowen, Chairman of the China Fisheries Mutual Insurance Association, said at the celebration marking the 15th anniversary of the association's founding on December 7th that over the past 15 years, the China Fisheries Mutual Insurance Association has continuously expanded its service scope, increased the types of insurance services, and improved service quality, charting a distinctive path for fishery insurance with Chinese characteristics. To date, it has insured a cumulative total of 4.7 million fishermen (times), and insured 280,000 fishing vessels (times), accounting for more than 80% of the national fishery insurance market share.
According to Wang Chaowen, currently the fishery mutual insurance service covers all coastal areas and major inland regions across the country, and is fully implemented in the Hong Kong and Macao Special Administrative Regions. It has paid out a total of 8.4 billion yuan in economic compensation to 6,183 deceased (missing) fishermen, 24,000 injured fishermen (times), 1,501 fully damaged (sunk) fishing vessels, and 34,000 damaged fishing vessels (times).
Over the 15 years, the China Fisheries Mutual Insurance Association has gradually broadened its responsibility scope, increased the number of insurance types, and reduced rates. Fishermen's mutual insurance has expanded from accidental injury insurance to additional medical expense mutual insurance. Fishing vessel mutual insurance has expanded from total loss insurance to comprehensive mutual insurance. It also added new types of insurance such as Nansha and Beibu Gulf foreign-related liability mutual insurance, mandatory third-party risk insurance for Hong Kong fishing vessels, deep-water cages, fishery port docks, marine aquaculture products, and aquaculture facilities mutual insurance.
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