What is Aquaculture Insurance Market?
Aquaculture is one of the fastest developing food-related sectors and the emergence of medium & large-scale aquaculture projects has stimulated the demand for insurance to share and cover the risks involved. Aquaculture Insurance is available for aquaculture operations and fish farms around the world for a wide range of species. Aquaculture insurance provides protection of capital invested, protection against events/natural hazards that affect health, assets and harvests. Thereby, the demand for aquaculture insurance is growing significantly across the developed as well as developing nations. Moreover, government supportive policies in regards to the development of the aquaculture sector propelling the growth of the market.
Highlights from Aquaculture Insurance Market Study
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | American International (Canada), AXA XL (United States), Oriental Insurance (India), RSA Insurance Group plc (United Kingdom), Groupama (France), Gjensidige Forsikring AS (Norway), IF Forsikring AS (Sweden), Nemi Forsikring AS (Norway), Mitchell McConnell Insurance (Canada), Bao Viet Insurance Company (Vietnam), Swiss Re (Switzerland), PICC (China) and Powszechny Zaklad Ubezpieczen SA Centrala (Poland) |
Aquaculture Insurance market is a fragmented market due to the presence of various players. Companies are focusing on developing innovative products and solutions to improve quality, enhances and promotes performance. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launch, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of United States Aquaculture Insurance market throughout the forecasted period.
American International (Canada), AXA XL (United States), Oriental Insurance (India), RSA Insurance Group plc (United Kingdom), Groupama (France), Gjensidige Forsikring AS (Norway), IF Forsikring AS (Sweden), Nemi Forsikring AS (Norway), Mitchell McConnell Insurance (Canada), Bao Viet Insurance Company (Vietnam), Swiss Re (Switzerland), PICC (China) and Powszechny Zaklad Ubezpieczen SA Centrala (Poland) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Agroseguro (Spain), Sunderland Marine Mutual Insurance Company (Sweden), The Hartford (United States) and American Livestock Insurance Company (United States). Aquaculture Insurance Market Segmentation:
Scope | Sub-Segments |
---|
Application / End User | On-shore and Offshore |
Type | Aquatic Animals and Aquatic Plants |
Distribution Channel | Companies,Brokers/Agents,Others |
Coverage | All Risks,Perils Policies |
On the basis of geography, the market of Aquaculture Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Aquaculture Insurance Companies Are Shifting Their Focus from the Established Markets to Other Geographic Areas and Species
Market Growth Drivers:
Exponential Growth in Fish Farming Worldwide and Livestock farmers and fish farmers in developing countries face many uncertainties and risks in the pursuit of reproductive and growth operations
Challenges:
High Premiums May Pose Major Challenge for its Adoption among the Fish Farmers
Restraints:
Aquaculture Insurance is not Much Widespread among the Fish Farmers
Opportunities:
Government Supportive Policies to Develop Aquaculture Sector across the Developing Countries
Key Target Audience
Aquaculture Insurance Companies, Aquaculture Insurance Brokers/Agents, Regulatory & Government Bodies, End Users and Others
Market Leaders & Development Strategies
In May 2023, Agriculture Insurance Company of India launched products for the livestock, aquaculture and sericulture sectors for which it has obtained the licence from IRDAI. This helped company to expand its presence in aquaculture insurance market
On 19 May 2017, Major reinsurer Swiss Re cooperated with Taiwan Fire & Marine Insurance to develop the first parametric insurance product to protect Taiwanese fish farmers from the damages caused by excessive rainfall. The aquaculture insurance scheme covered 120,000 hectares of onshore grouper fishponds in Ping Tung county in Taiwan.