Friday, July 15, 2022
9.00 am Rome, 10.00 am Nairobi, 12.30 pm Delhi, 2.00 pm Bangkok, 3.00 pm Manila
The event was attended by participants from financial service industry which included banking and insurance sector stakeholders, government institutions, fisherfolk organizations, bilateral agencies, academic institutes, and NGO’s. The distinguished panel of speakers participated from public (Philippines Crop Insurance Corporation) and private (Gallagher Specialty and Swiss Re) insurance industry, while CAFI SSF Network Coordinator provided an overview on the current status of world aquaculture insurance, based on recently published FAO report, World review of capture fisheries and aquaculture insurance-2022 (DOI: https://doi.org/10.4060/cb9491en)
The insights and information provided in the knowledge sharing session, by the guest speakers consisted of interesting topics that focused on institutional experience shared by Philippines Crop Insurance Corporation (PCIC) within the country, to support and implement small-scale aquaculture insurance programme. Private insurers like Gallagher Specialty discussed the current aquaculture insurance environment and how insurers need a robust risk management programme in place, to deal with increased risks. They also expressed the need for proper controls in place within aquaculture operation systems, to reduce premium costs to an affordable level and how innovative products could help small-scale producers recover from economic losses. The leading provider of reinsurance Swiss Re discussed insurance business models and how governments play a critical role in Asian countries to offer aquaculture insurance coverage and use of technology applications in pilot programmes for insurance sales, distribution and claim handling process.
While the demand for food and source of protein continues to increase with the worlds growing population, expected to reach 9.6 billion people by 2050. There is significant contribution of fish and fishery products towards the supply of daily intake of animal protein in several developing economies. According to FAO estimated global fish production accounted for 179 million tonnes in 2018 of which 46 percent (82.1 million tonnes) came from aquaculture. Over the past decade from 2008-2018 in terms of production, aquaculture has shown considerable growth and an increase by 56 percent for the same period. By 2018 aquaculture production has attained a record production of 114.5 million tonnes (SOFIA,FAO 2020). It is a growing sector and often a thriving business which has taken a significant leap forward and remains the fastest animal food-producing sector in the world.
World over aquaculture is mostly practiced by small-scale fish farmers or producers. It not only enhances the quality of life for small-scale fish farmer households but also contributes to the social and economic inclusion for some of the vulnerable and marginalized people in the world. However, aquaculture farmers face several risks that can threaten their production, incomes, and their consumption. Farmers can generally cope with small and recurrent risks by adopting best management practices and self-insurance tools such as savings and contingent credit, yet they are often not able to manage the less frequent but more severe losses resulting from diseases, theft, predation, floods and water shortages, storms, cyclones, typhoons and climate change induced perils such as warming of the waters, coupled with deterioration of water quality. Thus, when fish farmers suffer from disastrous crop losses, the entire value chain is affected. Losses can affect the entire economy, especially if aquaculture products are important export commodities for the country.
Appropriate financial services, such as aquaculture insurance, are thus imperative to prevent such losses from becoming catastrophic for fish farmers and for society. The demand for aquaculture insurance has never been as high as it is now, and there is a widening gap between demand and supply side of aquaculture insurance, particularly for small-scale aquaculture producers.
CAFI SSF through this webinar brings to its member organizations and interested participants an informative discussion on insurers and reinsurers initiatives and experiences to develop and support provision of aquaculture insurance services for small-scale fish farmers.
Speakers and discussion topics
- Manuel J Cortina: Philippines Crop Insurance Corporation, Officer- In- Charge, Business Development, PCIC experiences in supporting small-scale aquaculture insurance,
- Jason Wu: Swiss Re, Aquaculture Underwriter, Market responses to small-scale aquaculture insurancein developing economies
- Daniel Fairweather: Gallagher Specialty, Executive Director, Livestock, Aquaculture and Fisheries, Insurance products for small-scale aquaculture
- Suchitra Upare: CAFI SSF Coordinator, World review of aquaculture insurance
CAFI SSF Webinar is organized for all stakeholders involved with SSF finance and insurance.
You may RSVP to the CAFI-SSF coordinator:firstname.lastname@example.org