News Non-Life05 Mar 2018

Indonesia:Insurers & govt look into new fish farm insurance

| 05 Mar 2018

The Indonesian General Insurance Association (AAUI) with the Ministry of Marine Affairs and Fisheries (KKP) and Trisakti Insurance Management College (STMA Trisakti) recently conducted focus group discussions on fish farm insurance products.

The type of fish cultivation that will be insured is milkfish, indigo, and catfish, reported the local media.

AAUI Executive Director Dody Dalimunthe revealed that this year, KKP is targeting insurance coverage of 5,000 hectares of fish farming. In 2017, the area of insured cultivation totalled 3,300 hectares of shrimp farming.

Most general insurers are still wary of the risk of insuring shrimp farming insurance. Only eight insurance companies are willing to take this opportunity, and do so via co-insurance.

Therefore, KKP and AAUI requested STMA Trisakti to conduct a survey and research into the risks and opportunities of milkfish, indigo, and catfish farming insurance.

"AAUI asked to be involved in the research process. The experience with shrimp farming last year was that there was no survey,” said Mr Dody.

After the study by STMA Trisakti is completed, there are still other stages to go through including determining the scope of insurance, risks, and premiums to be paid by milkfish, indigo, and catfish farms, he said.


 

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