Logo of Phnom Penh Post newspaper Phnom Penh Post - Study to delve into insurance opportunities in aquaculture

Study to delve into insurance opportunities in aquaculture

Content image - Phnom Penh Post
Aquaculture employs about six million people and contributes 2.4 per cent of the nation’s gross domestic product (GDP). Hong Menea

Study to delve into insurance opportunities in aquaculture

Forte Insurance (Cambodia) Plc will team up with civil society organisations to study the feasibility of providing freshwater aquaculture insurance services in the Kingdom.

Forte Insurance, Commercialisation of Aquaculture for Sustainable Trade- (CAST) Cambodia and the Syngenta Foundation for Sustainable Agriculture are due to sign a feasibility study agreement on June 3, according to a joint press release issued on May 28.

Scheduled to be conducted from the date of signing through to October next year, the first-of-its-kind study will look at current production and risk management challenges facing farmers, and its findings could potentially help develop an appropriate insurance product, the release said.

Forte Insurance group CEO Youk Chamroeunrith told The Post on May 31 that the scope of insurance coverage extends beyond the services and industrial sectors, to agriculture.

“Climate change is radically remaking the world and is having a major impact on organic fish farming and vegetable growing,” he said.

Depending on location and season, aquaculture systems may be vulnerable to the consequences of climate change, which disrupt weather patterns and alter the predictability of water availability, quality and accessibility.

Aquaculture is a growing part of the Kingdom’s agricultural economy, employing about six million people, mostly smallholder farmers, and contributes 2.4 per cent of the nation’s gross domestic product (GDP), the latest Fisheries Administration data showed in 2018.

Chamroeunrith added: “We are studying the ways in which we could potentially extend a hand to the agricultural sector, by providing insurance services and thereby transferring farmers’ risks to insurance companies.”

The insurance sector in Cambodia earned $271.5 million in premiums last year, increasing by 7.31 per cent from $253 million in 2019, the Insurance Association of Cambodia (IAC) reported on May 12.

Of that, general and life insurance premiums came to $113.8 and $152.3 million, surging by 10.5 and 6.6 per cent year-on-year, and accounting for 41.9 and 56.1 per cent of the total.

Micro-insurance premiums were to the tune of $5.4 million, down by 24.6 per cent year-on-year, and accounted for just two per cent of the total, the IAC said.


  • Massive stingrays may live in Mekong’s deep pools

    US scientists have suggested that unexplored deep pools in the Mekong River in an area of Stung Treng could potentially be home to significant populations of giant freshwater stingrays, one of the world’s largest freshwater fish species. This comes as a fisherman hooked a 180

  • CCC team off on US business trip

    The Kingdom’s leading economists and private sector representatives have called on the US to renew its tax preferential status for Cambodian exports, as a Cambodia Chamber of Commerce (CCC) delegation departed for a weeklong business visit to the US, where they will meet with

  • PM takes time to meet, greet Cambodians living in the US

    After landing in the US ahead of the ASEAN-US Special Summit, Prime Minister Hun Sen was received by over 1,000 Cambodian-Americans including political analysts who welcomed him with greetings, fist bumps and selfies. Hun Sen also met with analyst Mak Hoeun, who had allegedly spoken ill

  • Khmer cinema classics back on big screen for free at WB Arena’s outdoor movies series

    On a recent Saturday evening at WB Arena, Bunsong was enjoying a tasty BBQ meal with his family after work on the long tables that had been arranged out in front of the restaurant as they watched a Khmer action movie on a big outdoor

  • PM heads to Washington for ASEAN-US special summit

    Regional and international issues and how to bring the ASEAN-US partnership to another level will be discussed at length as Prime Minister Hun Sen and his ministers arrive in Washington, DC, for a special summit on May 12-13. During the trip, Hun Sen and ASEAN

  • National Assembly refutes EU resolution

    The National Assembly (NA) has hit back at a European Parliament resolution condemning the political and human rights situation in Cambodia, calling it another display of the Parliament’s “double standards”. Key points of the resolution include a warning that the Parliament could exclude the