China Hainan Rubber Industry (SHA:601118) insured 792 million yuan worth of crops in a one-year agreement with PICC Property and Casualty (HKG:2328), according to a Wednesday filing on the Shanghai bourse.

Under the deal, the insurance covers rubber seedlings planted between six months and four years and rubber trees planted for four years that would be affected by natural disasters, such as cyclones and pests.

The insurance rate is 3.18% and the premium is 25.2 million yuan.

The Chinese rubber company also signed another insurance deal with PICC, with China Pacific Property Insurance as co-insurer, that would insure rubber trees already in tapping period. The sum insured is 6.43 billion yuan. The insurance rate is 2.64% and the premium is 169.8 million yuan.