Aquaculture insurance development in Latin America: a challenge to be addressed

New publication explains the importance of aquaculture insurance on the continent and how the insurance industry can help.

Globally, fish represent around 17% of the average per capita animal protein intake, making global aquaculture an important industry in terms of food provision. Indiscriminate exploitation of natural fish stocks is a huge concern and is causing a widening gap between the supply and demand of aquatic organisms. Consequently, stimulating sustainable aquaculture production is important and necessary.

However, in Latin America, as in other regions, we continue to face many challenges to the development of this activity, such as difficulty securing credit for investment and costing, inconsistent public policies, an inefficient logistics sector, and an inadequate infrastructure, among others.

Our new publication, Aquaculture insurance in Latin America: the production of aquatic organisms and the current scenario of aquaculture insurance in the region (see box at right), provides a better understanding of aquaculture insurance in Latin America.

Stability through insurance

Aquaculture insurance represents an important risk management tool, providing stability for the operations of aquaculture farmers. And it will advance as the aquaculture industry develops.

But today we are still faced with a shortage of technically qualified professionals in the production chain, a lack of industry certification and guidance on local best practices, and insufficient knowledge about the aquaculture insurance product, among other challenges.

Working smarter together for aquaculture

Aquaculture insurance in Latin America examines issues such as the vulnerability of the aquaculture industry, insurance penetration and structure along with its outlook for development. The publication also gives readers a look at covered risks, providing a view of how this important industry can be protected.

This exchange of information and experiences, the network of specialists and the availability of our team to train new professionals are just some of the ways Swiss Re can help to drive growth in this segment and encourage new players to enter the market.

Published 11 December 2014

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