In recent years, in the context of climate change and extreme climate events, drought agro meteorological disasters which occur frequently has taken a serious threat for our food production and agricultural sustainable development. Selecting or building suitable agricultural drought disaster risk indicators for drought risk zoning, and on this basis, determining premium rates is very valuable in enriching agricultural insurance model and promoting the stability and development of the agricultural insurance business. Based on the natural water deficit rate index, precipitation anomalies of the percentage rate and drought index, this paper builds drought comprehensive risk index, and carries out drought risk zoning study. Then, using the revised premium rate, the premium ratemaking model applicable to the study area is worked out so as to search for a more comprehensive improvement of the current agricultural insurance business insurance model, and achieve the sustainable and healthy development of the winter wheat agricultural insurance.