Taking local specialty agricultural product sugarcane as an example and utilizing daily data of China’s sugar futures and spot prices from 2006 to 2022 and actual data from the “Insurance + Futures” pilot project of sugarcane in Youjiang District，Baise City，Guangxi Zhuang Autonomous Region，this study applies Asian option pricing models and Monte Carlo simulations to numerically assess insurance premium rates associated with sugar futures contracts，which optimizes the pricing strategy of the “Insurance + Futures” model.The research shows that as China’s sugar futures gain momentum，the pricing system has shifted from the spot market to the futures market as the dominant factor，cementing its importance in the “Insurance + Futures” model.In this framework，spot sugar prices demonstrate reduced volatility compared to futures，resulting in comparatively lower insurance premiums based on spot prices，thereby considerably diminishing the basis risk borne by farmers.The reinsurance premium is lower than the price index insurance rate，allowing insurance companies to play a more proactive role in risk mitigation instead of just being “intermediaries”.Marked variations are observed in the pure premium of price index insurance across different coverage tiers，which underlines the need for insurance firms to improve the precision of price insurance within the “Insurance + Futures” model，promote the diversification and differentiation of “insurance + futures” products，and build a local agricultural risk management framework that integrates “Insurance + Futures + N”.