Logo of Phnom Penh Post newspaper Phnom Penh Post - Fish-farm insurance may be piloted in 3 provinces by December

Fish-farm insurance may be piloted in 3 provinces by December

Content image - Phnom Penh Post
A fish farm in Kandal province seen on June 15. FB

Fish-farm insurance may be piloted in 3 provinces by December

Public and private stakeholders are looking into setting up freshwater aquaculture insurance services in Cambodia to mitigate farmers’ risks and losses due to rising temperatures and rainfall levels as well as other climate change-linked phenomena, with pilot policies planned for three target provinces possibly taking effect by end-2022.

World Vision Cambodia, American Soybean Association, partners from the financial and insurance industries, and farmer representatives organised a consultative workshop on “Unlocking Smallholder Financial Needs Through Credit-Linked Aquaculture Insurance”.

The event explored various approaches to aquaculture insurance, touching on procedures, credit terms, and other conditions, with emphasis on the importance of tripartite partnerships between the farmers, financial institutions and insurance companies, in accordance with principles laid out by the government.

Hav Viseth, deputy director of the Fisheries Administration (FiA) under the Ministry of Agriculture, Forestry and Fisheries, told The Post that five institutions at the workshop in particular voiced interest in providing freshwater aquaculture insurance services in Cambodia.

These were AMK Microfinance Institution Plc, Chamroeun Microfinance Plc, JC Finance Plc, Amret Microfinance Institution Plc and Woori Bank (Cambodia) Plc.

He said that the policies, as currently envisioned, would cover flooding and drought events at an average annual premium of about $21 per hectare of water.

Forte Insurance Group CEO Youk Chamroeunrith told The Post that the insurance policies would be piloted in Pursat, Battambang and Siem Reap provinces, adding that more details still need to be hammered out.

“With all stakeholders providing feedback, we hope to be able to start in November or December, which is the upcoming aquaculture season,” he said.

However, Chamroeunrith acknowledged that many challenges may arise at the beginning of the project due to limited understanding of insurance among aquaculturists, requiring education and training courses.

The global trend of declining populations of freshwater fish and other aquatic animals have led to an uptick in fish farming, posing even greater risks for aquaculturists, he said, adding that the insurance services could provide a major thrust of encouragement for farmers to ramp up production.

Cambodian Aquaculturist Association (CAA) president Sok Raden echoed Chamroeunrith’s comments on the relatively new nature of insurance for the Kingdom’s aquaculturists, saying that ample discussions and concrete educational initiatives would be required.

This, he said, would be especially necessary to justify paying premiums on top of the overwhelming weight of production costs, along with the plethora of other challenges and risks confronting fish farmers.

Nonetheless, he said: “I support the dissemination of detailed and in-depth information on these insurance options so that farmers and aquaculturists can have a better grasp of these services.”


  • Ministry orders all schools, public and private, to close for SEA Games

    From April 20 to May 18, all public and private educational institutions will be closed to maintain order and support Cambodia's hosting of the 32nd SEA Games and 12th ASEAN Para Games, said a directive from the Ministry of Education, Youth and Sport. Cambodia will host the

  • Almost 9K tourists see equinox sunrise at Angkor Wat

    Nearly 9,000 visitors – including 2,226 international tourists – gathered at Angkor Wat on March 21 to view the spring equinox sunrise, according to a senior official of the Siem Reap provinical tourism department. Ngov Seng Kak, director of the department, said a total of 8,726 people visited Angkor Wat to

  • Angkor Beer strengthens national pride with golden new look and fresher taste

    Angkor Beer – the "Gold of Angkor" – has a new look, one that is more stylish and carries a premium appeal, as well as a fresher taste and smoother flavour, making it the perfect choice for any gathering. Angkor Beer recently launched its new design, one

  • Water supply authority assures public shortages over early ‘24

    The Phnom Penh Water Supply Authority (PPWSA) asked for understanding from Phnom Penh residents in some communes where water pressure is weak. They assured residents that all supply issues will be resolved by early 2024, but have suggested that residents use water sparingly in the meantime.

  • Khmer ballet documentary debuts April 1

    A new documentary, The Perfect Motion, or Tep Hattha in Khmer, will premiere to the public on April 1. The documentary film follows two intertwined storylines: the creation of a show called Metamorphosis by the late Princess Norodom Buppha Devi (her very last production) and the

  • EU’s Sokha resolution ‘a sovereign rights breach’

    The National Assembly (NA) said the European Parliament (EP) did not respect the Kingdom’s independence and sovereignty when it passed a resolution strongly critical of the recent conviction and sentencing of former opposition leader Kem Sokha for “treason”. On March 16, the EP issued a