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Reform of Aquaculture Disaster Insurance Being Implemented in Preparation for Accelerated Climate Change
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2026.10.15.
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Reform of Aquaculture Disaster Insurance Being Implemented in Preparation for Accelerated Climate Change
The Ministry of Oceans and Fisheries (MOF; Minister Hwang Jong-woo) announced that it will hold a kick-off meeting for the “Aquaculture Disaster Insurance System Reform TF” at the MOF Building in Busan on Monday, September 28, with eight related agencies in attendance, to discuss measures to improve the aquaculture insurance system in response to climate change.
Despite the recent increase in the risk of disasters caused by abnormal climate conditions such as high water temperatures, some aquaculture households remain uninsured. Accordingly, MOF will form and operate the TF to examine why some aquaculture households do not subscribe to insurance and why existing subscribers maintain or discontinue coverage, and to review ways of improving the entire process from subscription to compensation.
The kick-off meeting will be presided over by Deputy Minister of Fisheries Policy Choi Hyun-ho and will be attended by experts and representatives from the relevant organizations including MOF, National Federation of Fisheries Cooperatives, Agricultural Policy Insurance and Finance Corporation, National Institute of Fisheries Science, Korea Maritime Institute (KMI), Korea Insurance Development Institute, and Pukyong National University.
Attendees will share recent issues in aquaculture insurance and their views on improving the insurance system. In particular, the discussion will focus on ▲issues regarding insurance enrollment, continued coverage, and discontinuation as well as non-subscription by small-scale fishing households, ▲relationship between disaster recovery costs and insurance compensation, ▲insurance product administration, claims handling, loss assessment, and insurance payout procedures, ▲recent patterns of high water temperature occurrence and risk detection and assessment systems, and ▲current status of research on alternative insurance products and possibility of their introduction.
Based on the opinions presented by the TF, MOF plans to analyze specifically the status of insurance subscriptions by region, species, and management scale by linking data on the disaster support system for aquaculture, current status of insurance operations, and basic data on aquaculture farm operations by local governments. In addition, this October, MOF plans to identify the burden of subscription and difficulties regarding coverage and compensation felt by fishing households through the collection of on-site opinions by region. It will consolidate the findings by end of October to formulate a plan to reform the aquaculture insurance system in order to increase the insurance subscription rate and expand support for fishers.
“Through this TF, we will broadly examine not only compensation for insured fishing households but also the difficulties faced by those that are not insured or which have stopped subscribing. We will develop effective improvement measures that reflect input from those in the field and from experts, so that more aquaculture households can better prepare for unavoidable changes in the climate and environment,” said Choi Hyun-ho, Deputy Minister of Fisheries Policy at MOF.
- Holding the joint kick-off meeting of the Aquaculture Insurance System Reform Task Force with the relevant agencies and experts
- Reviewing the overall system based on field data and planning to prepare a system reform proposal in October
- Reviewing the overall system based on field data and planning to prepare a system reform proposal in October
The Ministry of Oceans and Fisheries (MOF; Minister Hwang Jong-woo) announced that it will hold a kick-off meeting for the “Aquaculture Disaster Insurance System Reform TF” at the MOF Building in Busan on Monday, September 28, with eight related agencies in attendance, to discuss measures to improve the aquaculture insurance system in response to climate change.
Despite the recent increase in the risk of disasters caused by abnormal climate conditions such as high water temperatures, some aquaculture households remain uninsured. Accordingly, MOF will form and operate the TF to examine why some aquaculture households do not subscribe to insurance and why existing subscribers maintain or discontinue coverage, and to review ways of improving the entire process from subscription to compensation.
The kick-off meeting will be presided over by Deputy Minister of Fisheries Policy Choi Hyun-ho and will be attended by experts and representatives from the relevant organizations including MOF, National Federation of Fisheries Cooperatives, Agricultural Policy Insurance and Finance Corporation, National Institute of Fisheries Science, Korea Maritime Institute (KMI), Korea Insurance Development Institute, and Pukyong National University.
Attendees will share recent issues in aquaculture insurance and their views on improving the insurance system. In particular, the discussion will focus on ▲issues regarding insurance enrollment, continued coverage, and discontinuation as well as non-subscription by small-scale fishing households, ▲relationship between disaster recovery costs and insurance compensation, ▲insurance product administration, claims handling, loss assessment, and insurance payout procedures, ▲recent patterns of high water temperature occurrence and risk detection and assessment systems, and ▲current status of research on alternative insurance products and possibility of their introduction.
Based on the opinions presented by the TF, MOF plans to analyze specifically the status of insurance subscriptions by region, species, and management scale by linking data on the disaster support system for aquaculture, current status of insurance operations, and basic data on aquaculture farm operations by local governments. In addition, this October, MOF plans to identify the burden of subscription and difficulties regarding coverage and compensation felt by fishing households through the collection of on-site opinions by region. It will consolidate the findings by end of October to formulate a plan to reform the aquaculture insurance system in order to increase the insurance subscription rate and expand support for fishers.
“Through this TF, we will broadly examine not only compensation for insured fishing households but also the difficulties faced by those that are not insured or which have stopped subscribing. We will develop effective improvement measures that reflect input from those in the field and from experts, so that more aquaculture households can better prepare for unavoidable changes in the climate and environment,” said Choi Hyun-ho, Deputy Minister of Fisheries Policy at MOF.
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