Research On The Development Of Aquaculture Insurance In China

With the improvement of people’s living standards,aquaculture products are becoming more and more popular.Aquaculture is a major branch of farming and an important part of the fishing industry,accounting for up to 80% of the total.Most aquaculture products are high in protein,low in fat and high in nutritional value,and the stable supply of aquaculture products is very significant to food security all over the world.China is the world’s largest producer and exporter of aquaculture,accounting for more than 67% of global output and making an important contribution to the global supply of aquatic products.In recent years,the state has attached great importance to the development of aquaculture and has enacted many policies on the ecological development planning of the aquaculture industry.Aquaculture is playing an increasingly important role in people’s lives.in 2021,per capita consumption of aquatic products by China’s residents reached 14.2kg,up2.6% year-on-year,surpassing poultry,eggs,beef and sheep to become the second largest source of animal food after pork.in 2022,China’s aquaculture production increased from 47.932 million tons in 2016 to 56.80 million tons.By 2023,China’s aquaculture production is expected to grow further to near 60 million tons.However,some related safeguards have not kept pace.Compared to France,Japan,the USA and South Korea,China’s insurance system is relatively backward.The insurance industry has become a powerful and increasingly popular protection measure in the context of growing awareness of insurance in society at large.Guangdong has a developed marine economy with a long coastline,aquaculture and export ranking first.However,because Guangdong Province is located at the junction of subtropical monsoon climate and tropical monsoon climate,the risk of aquaculture is huge.Since 1993,Guangdong Province has become the first province to carry out pilot projects in aquaculture.The first fisheries mutual insurance organization was established in Guangzhou-"Guangdong Fishing Vessel Owners Mutual Insurance Association.This pilot work is conducive to reducing the burden of farmers,consolidating the results of poverty alleviation and promoting safety in production.Also,summing up,is the work experience and problems for other provinces.Since the State Council promulgated the Several Opinions on Promoting the Sustainable and Healthy Development of Marine Fishery in 2013,Guangdong Province has started the pilot work of policy-based aquaculture insurance.The "public product attribute" of aquaculture insurance is more and more outstanding.In 2019,the Department of Agriculture and Rural Affairs of Guangdong Province,the Guangdong Regulatory Bureau of the China Banking and Insurance Regulatory Commission and other departments jointly issued the Implementing Plan of Guangdong Province for Policy-based Aquaculture Insurance(for Trial Implementation),making aquaculture insurance more mature.After the failure of commercial insurance,mutual insurance and policy insurance,the security level of aquaculture insurance in our country has been improved,innovation intensified and the demand of farmers has increased.However,there are some problems in the development of aquaculture insurance,such as the mismatch between the scale of aquaculture industry and that of the insurance industry,the imbalance between different regions and between fresh seawater,the few varieties of products covered,and the incomplete stimulation of insurance demand.That is due to the high risk of the aquaculture industry,the lack of funding from the government and insurance companies and the lag of the law.Looking at the development experience of aquaculture insurance in four countries-Japan,Korea,France and the United States-the secret of their success lies mainly in sound laws,high subsidies,strong regulation and reinsurance systems.The government should work to improve the legal status of aquaculture insurance and make it more authoritative;promote the development of aquaculture and the marine economy to increase farmers’ income;develop a reasonable financial subsidy system to reduce the burden on farmers;and strengthen publicity efforts and use technology to create a more convenient and collaborative approach to aquaculture insurance.The way.From the perspective of insurance companies,risk zoning can be implemented,innovative aquaculture insurance products can be developed,huge risk diversification mechanisms can be established,and emphasis can be placed on the introduction and training of human resources.