Welcome to FIS   Sponsored By
Subscribe to FIS | Register with FIS | Advertise with FIS | Newsletter | About FIS | Contact us
   


Grouper farming. (Photo: National Cheng Kung University)

Two insurance firms partner to offer innovative aquaculture insurance

Click on the flag for more information about Taiwan TAIWAN
Friday, May 19, 2017, 21:30 (GMT + 9)

Two insurance firms have partnered to jointly offer first parametric aquaculture insurance solution to cover onshore fisheries against extreme rainfall in Taiwan's Ping Tung County.

The insurance offered by the partnership between Swiss Re and Taiwan Fire & Marine Insurance will protect grouper fish producers from flash flood, which may cause overflowing of onshore fisheries and escape of the fishes, resulting in a loss of fish stock.

According to representatives of both firms, the innovative insurance solution uses meteorological data to allow faster payout, reducing the time that is needed to settle claims and reducing the ambiguity of quantifying loss incurred for the fish farmers.

The partnership stated that its insurance scheme will eventually cover 120,000 hectares of grouper fish farms, generating a production of 25 million kg of fishes in Taiwan annually for local consumption and export to Asian markets, making the fisheries sector in Taiwan more resilient.

"Unlike traditional insurance which pays after the fish farmers make a claim by quantifying the losses they have incurred from the heavy rainfall and flooding, this insurance payout is based on a defined trigger, in this case the amount of rainfall experienced. This means that fish farmers can receive their payout faster, reducing the time that is needed in claims process and settlement," pointed out David Alexander, head of property and casualty for Hong Kong and Taiwan of Swiss Re.

For his part, Harini Kannan, head of agriculture reinsurance in Asia (ex-China) of Swiss Re explained that when the warning signal of typhoon or rainfall is hoisted, fisheries can deploy means of risk prevention and mitigation actions, which would incur a cost.
“Fish farmers can now cover this cost through the aquaculture index-based insurance or use the payout to replace the damaged fish stocks," he added.

In summer 2009, Taiwan experienced a series of typhoon which caused negative effects for the fisheries in Ping Tung County as the fish ponds were overflown with rainwater and nearly 50 per cent of the fisheries sector was wiped out. This resulted in an estimated loss of TWD 1.7 billion (USD 56 million).

The Taiwanese government has since called for increased agricultural risk transfer, launching initiatives to develop the protection of its agriculture sector.

As grouper is an expensive fish breed of the county and an economic asset in Taiwanese aquaculture industry, the launch of the first parametric aquaculture insurance solution is an important step towards protecting an important agricultural sector within the country’s economy, aiding development goals, and mitigating against potential impacts of climate change. 


[email protected]
www.fis.com


 Print


Click to know how to advertise in FIS
MORE NEWS
Faroe Islands
Feb 21, 00:50 (GMT + 9):
Bakkafrost celebrates first positive margin of the VAP segment since 2015
Honduras
Feb 21, 00:30 (GMT + 9):
More than USD 19 million lost due to Mexican blockade of Honduran shrimp
United Kingdom
Feb 20, 22:50 (GMT + 9):
Grieg Seafood estimates more than 21,000 salmon escaped from a Scottish farm
United Kingdom
Feb 20, 22:40 (GMT + 9):
Anti sea-lice shields prove successful to Scottish Sea Farms
Argentina
Feb 20, 22:30 (GMT + 9):
Chinese company interested in investing in Chubut fishing sector
Ecuador
Feb 20, 21:20 (GMT + 9):
Ecuadorian shrimp returns to Brazil, after 19 years of absence
United Kingdom
Feb 20, 21:00 (GMT + 9):
TunaSolutions becomes member of IPNLF
United Kingdom
Feb 20, 08:00 (GMT + 9):
IN BRIEF - Update on GAA and IFFO’s South East Asia Fishmeal project
South Africa
Feb 20, 03:00 (GMT + 9):
EN BREVE - Coega SEZ receives EIA approval for desalination, aquaculture zones
Nigeria
Feb 20, 03:00 (GMT + 9):
IN BRIEF - Aquaculture experts want increased Tilapia production to boost export
United States
Feb 20, 03:00 (GMT + 9):
IN BRIEF - Virus in escaped fish common, not harmful to salmon in Washington waters, state says
United Kingdom
Feb 20, 03:00 (GMT + 9):
IN BRIEF - Cornish fishermen fear catch in Brexit talks
Spain
Feb 20, 02:40 (GMT + 9):
Galician fish processing and trading companies will receive EUR 96 million to improve competitiveness
United States
Feb 20, 02:30 (GMT + 9):
Washington authorities discredit conservationists' claims about escaped salmon virus
United States
Feb 20, 01:30 (GMT + 9):
More deficiencies in Cooke´s salmon net pens found



Lenguaje
FEATURED EVENTS
  
TOP STORIES
Scanning techniques, another tool to address abuses in the fishing industry
Thailand The Government of Thailand is reinforcing measures to eliminate human trafficking in its fisheries industry, following claims of widespread abuse by a human rights group.
Australia´s shellfish reefs show worrying decline
Australia A new research confirms that around 90-99 percent of Australia’s shellfish reefs have disappeared, making them the most threatened ocean ecosystem.
Half of Spanish restaurants serve fish other than those offered
Spain One out of every two of 204 restaurants analyzed in Spain serves fish dishes that do not correspond to what is indicated in the menu, according to the study led by the AZTI technological center. Mo...
Malaysia's largest tuna processing plant planned for Perak
Malaysia The country's largest tuna processing plant will be built in Hutan Melintang, in Bagan Datuk District, Perak, in the near future.
 
Maruha Nichiro Corporation
Nichirei Corporation -Headquarter-
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation -Wartsila Group Headquarter-
ITOCHU Corporation -Headquarter-
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd.
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
Blue Continent Products (Pty) Ltd - (Oceana Group Limited)
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods Inc. -Headquarter-
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO -Food and Agriculture Organization- Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Group Headquarters
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Omega Protein Corporation -Headquarter-
Marona S.A.
Marine Harvest ASA - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
Mitsubishi Corporation Marine Products Depts. D.Team
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation -Headquarter-
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart / Wal-Mart Stores, Inc. (Supermarket) -Headquarter-
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
INVE Group - Head Office
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
Morpol ASA - Group Headquarters
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2018 Fish Info & Services Co.Ltd| All Rights Reserved.   DISCLAIMER