The FAO supported initiative, Global Network for Capacity Building to Increase Access of Small-Scale Fisheries to  Financial Services (CAFI-SSF) in association with Asia-Pacific Rural and Agricultural Credit Association (APRACA) organized a webinar Global insurance experiences to increase small-scale aquaculture resilience on 15 July 2022

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.

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.

The webinar pictures and recording are shared here