Climate change has caused great losses to China's grain production,and there are many problems in traditional agricultural insurance.Weather index agricultural insurance as a financial innovation tool is becoming a powerful way to transfer agricultural weather risk.Based on the analysis of designing rainfall index insurance contract,in accordance with the definition of the weather index insurance contract,using cumulative rainfall from rice growth period daily precipitation as the weather index,the panel data of 78 counties in Hubei province and the Cobb-Douglas-Climate model,according to the regional risk,this paper designed drought index insurance contracts and the rainstorm disaster index insurance contract.Although the effect of cumulative precipitation on overall Hubei province was negative,the marginal effect of cumulative precipitation on rice yield in Shiyan,Xiangyang and other arid regions was positive and significant,and the marginal effect on the rain area in Jianghan Plain,Xianning city and its counties,had a significant negative impact.Climate change had a significant impact on grain production.According to the panel data estimation,it was necessary to design weather index insurance contracts according to different risk areas.This paper made an exploration in designing weather index insurance,which provided a powerful innovation tool to transfer the agricultural weather risk.