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China emerges as world's second largest agricultural insurance market

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China has emerged as the second largest agricultural insurance market in the world after the United States, the China Insurance Regulatory Commission said.

The regulator's head Xiang Junbo said insurers paid out 20.9 billion Chinese yuan ($3.45 billion) in compensation in 2013, Xinhua reported.

Mr. Junbo also stressed the need to establish a catastrophe insurance system, adding that compensation from catastrophe insurance covered less than 1% of the country's losses.

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