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Review of the current state of world aquaculture insurance

Published by:
Publication date
Type of Publication:
Focus Region:
Focus Topic:
Institutions / Organizations
Agricultural Value Chains / Agri-Businesses
Type of Risk:
Logistical & infrastructural
Managerial & operational
Policy & institutional
Type of Risk Managment Option:
Risk assessment
Risk reduction/mitigation
Fisheries & Aquaculture
Raymon van Anrooy, Philip A.D. Secretan, Yong Lou, Richard Roberts, Maroti Upare
Food and Agriculture Organization of the United Nations (FAO)

Risk management is increasingly gaining attention within the aquaculture sector, which is reflected in the development and increasing implementation of Better Management Practices (BMPs), Codes of Conduct and Codes of Good Practice, Standard Operational Procedures, certification and traceability. Aquaculture insurance is one of the tools used in aquaculture risk management, but there is considerable ignorance within the aquaculture industry about its availability, the process of obtaining insurance cover, especially on aquaculture stock mortality, and the constraints to insurers providing its services. With this review study FAO intends to increase awareness of aquaculture producers worldwide, particularly those in developing countries, on the opportunities that aquaculture insurance can offer their businesses. FAO also aims to inform decision-makers at national government levels as well as in international agencies about the role of aquaculture insurance in the sustainable development of the aquaculture sector and provide aquaculture sector stakeholders with insights into what is all-too-frequently considered a complicated type of activity. A review study carried out in early 2005 covered the main aquaculture producing countries worldwide. Seven regional syntheses (China, Asia, Europe, North America, South America, sub-Saharan Africa and Oceania) were prepared, discussing the specificities of their situation with regard to aquaculture insurance. A summary of the regional syntheses was made, together with conclusions and clear recommendations at various levels to increase the contribution of aquaculture insurance to the sustainable management and development of the aquaculture sector.