China's top financial and agricultural regulators have launched an overhaul of the hog insurance industry, aimed at protecting farmers from disasters and ensuring the country's favorite meat stays affordable.

The move, announced by the National Financial Regulatory Administration, the Ministry of Finance and the Ministry of Agriculture and Rural Affairs, is designed to fix long-standing delays in how insurance companies pay out when pigs die from disease or natural disasters. By speeding up the process, the government hopes to prevent farmers from facing financial ruin during outbreaks.

An official with the financial regulator said the relevant guidelines stipulate that the adjustment cycle for hog insurance premium rates should not exceed three years, to improve the sustainability of the insurance product. Meanwhile, oversight of market conduct will be strengthened, and insurance companies involved in serious violations may face the cancellation of their qualification to operate agricultural insurance.

The official said that addressing issues such as underwriting accuracy and claims settlement is expected to improve the efficiency and quality of hog insurance services, optimize the sector's development environment, and enhance the industry's capacity to cope with disasters.