Tagged: aquaculture insurance, fish farms, risk management

Whilst there continue to be significant developments in health management for farmed fish, specialist aquaculture insurance plays an important role in a company’s risk management portfolio if it is to be sufficiently protected against losses, says Jason Scott, aquaculture insurance consultant for FP Marine Risks.

At the end of 2010 there was a new outbreak of Infectious Salmon Anaemia (ISA) in Chile, which serves as a reminder that aquaculture stocks are continuously at risk of disease outbreaks even when fish farmers are on high alert.

Chile had only just started recovering from the devastating outbreak of ISA that hit between 2007 and 2009, which decimated the country’s farmed salmon industry, when this new outbreak occurred.

In the last few years, we have also seen parasitic infections on both sides of the Atlantic, with the copepod Lepeophtheirus salmonis continuing to cause losses in the salmon industry plus the protozoan Ichthyophthirius multifiliis or “Ich” accounting for an estimated loss of USD1.2m for the US catfish industry.

And more recently, ongoing viral outbreaks are causing substantial losses of farmed shrimp in Indonesia, with at least one major producer having lost in excess of USD 15 million worth of stock.

The commercial aquaculture industry is expanding rapidly with an increasing interest in species diversification and novel grow-out technology.

However, this rapid expansion can, and frequently does, surpass the rate of education, research and adaptation of expertise in health management.

Those involved in aquaculture health management are working hard to keep up with this expansion through advances in chemotherapy, vaccines and prophylactic strategies.

Meanwhile, farming best practices such as monitoring water characteristics, regular sterilisation of equipment and the quarantine of new stock all play their part in minimising disease outbreaks.

However, aquaculture insurance should feature in any aquaculture business’s risk management portfolio.

Without the necessary cover, a disease outbreak can lead to financial ruin for many businesses.

Those who work closely with experienced aquaculture insurance specialists benefit from insurance policies that have been developed to meet the very specific interests of individual fish farms.

Cover can be arranged for onshore and offshore farms and aquatic ornamental industries worldwide against losses caused not only by disease, but also from pollution, storm damage, predators, freezing/supercooling/ice damage, changes in the chemical constituents of water, floods, mechanical or electrical breakdown, subsidence, drought and other disasters, theft and malicious acts.

For more information about what is available to protect the financial interests of aquaculture businesses, please visit www.fp-marine.com/aquaculture

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