Report of the
FAO–DOF WORKSHOP ON THE OPTIONS FOR A POTENTIAL INSURANCE
SCHEME FOR AQUACULTURE IN THAILAND
Bangkok, 24–25 September 2009

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FAO. Report of the FAO–DOF Workshop on the Options for a Potential Insurance Scheme for Aquaculture in Thailand. Bangkok, 24–25 September 2009.
FAO Fisheries and Aquaculture Report. No. 941. Rome, FAO. 2010. 132p.

ABSTRACT

In recognition of the important role played by the shrimp farming industry to the Thai economy, the Department of Fisheries of Thailand and FAO conducted a joint workshop to provide stakeholders with a detailed overview of the benefits of, and requirements for, a successful establishment of a mutual insurance scheme that responds to the needs of the Thai shrimp farming industry and meets overall objectives of the Royal Thai Government. The Workshop recognized the need for and supported the establishment of a mutual for the Thai shrimp farming industry and identified the following risks to be part of an insurance solution, among others: natural perils damaging the stock, diseases, other perils such as theft and mechanical failure, and price fluctuations. The mutual should include small- and medium-scale shrimp farmers as well as other groups such as local feed distributors and hatchery operators. The Workshop recommended that the basis of insurance should be cost incurred. There was general consensus regarding the need for a mutual as a good insurance solution for the Thai shrimp farming industry, but an issue was raised regarding the existence of a legal framework under which a mutual can operate. In this regard, it was felt that Government assistance would be required to provide the appropriate solution.