Jeonnam Province Encourages Enrollment in Aquaculture Disaster Insurance

Applications accepted until the end of June for abalone and more
90% of insurance premiums supported

Fish mortality in the sea aquaculture farm due to high temperatures last summer. Provided by Jeonnam Province

Jeonnam Province has strongly encouraged fish farmers to actively enroll in aquaculture disaster insurance in preparation for summer natural disasters such as high water temperatures, typhoons, and heavy rainfall.

According to Jeonnam Province on June 17, analysis of data from the Ministry of Oceans and Fisheries indicates that the surface water temperature in the sea this summer is expected to be about 1°C higher than the average year. Accordingly, fish farms need to enroll in disaster insurance to proactively respond to potential damages to aquaculture products.

Aquaculture disaster insurance is a system that compensates fish farms for economic losses and helps stabilize their operations quickly by providing insurance payouts in the event of damages caused by natural disasters such as typhoons, heavy rain, and red tides.

For certain species such as flatfish, eel, and fish in marine cages, a special rider for high water temperature must be purchased separately to receive compensation for high temperature damages.

Eligible items include abalone (including juveniles), flatfish, marine cage fish, and eel. Farmers can enroll by inquiring at their nearest local or industry-specific fisheries cooperative by the end of June.

Jeonnam Province, together with the central government, provides support for up to 90% of the insurance premiums to reduce the burden on fishers. The province is also proposing improvements to the central government, such as expanding the list of eligible species and increasing main contract coverage for species vulnerable to high temperatures, in order to raise the insurance enrollment rate.

Jeon Changwoo, Director of the Eco-Friendly Fisheries Division of Jeonnam Province, emphasized, "Enrolling in aquaculture disaster insurance is essential to secure a safety net against unpredictable natural disasters and to stabilize fish farm management."

Meanwhile, last year in Jeonnam, 1,725 fish farms enrolled in disaster insurance and received 92 insurance payouts totaling 5.2 billion won for damages caused by high temperatures, heavy rain, and other incidents.