The Insurance Union calls on its members to provide protection for the aquaculture industry

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The Egyptian Insurance Federation addressed its members of the companies operating in the market with the activities of property and life by providing insurance protection for the fish farming industry by designing insurance products that are appropriate to the nature of the fish farming industry and protecting the human cadres working in the field.

According to the federation, the dangers to which fish farms are exposed vary between general hazards such as natural hazards such as floods, storms, lightning, hurricanes, damage caused by ice in addition to theft and intentional damage.

General risks also include freezing, extreme cold, and damage from ice, including collisions with ice, pollution, and depletion of oxygen, as well as rapid changes in water temperature.

With regard to land farms such as pictures and ponds, the previous dangers are added to the structural design defects of the equipment, breakage or blockage of the water supply system, mechanical or electrical malfunction or accidental damage to machinery and equipment, or electrical failure and interruption, or electrical shock, in addition to malfunctions of feeding machinery in fish ponds and spoiled feed. Inadequate or delayed feeding ponds in a timely manner.

According to the federation, aquaculture insurance is insurance against the death of marine organisms resulting from sudden accidents. This type of insurance covers a wide range of marine organisms.

In a related context, the Union indicated that insuring fish farms is a complex and uncommon insurance, and the reason for this is the low insurance awareness of fish farm owners and managers, their lack of real awareness of the risks they face, the low size of the insurance market, and the lack of sufficient cadres to underwrite this type of insurance, in addition to the lack of obligation Legislation and laws the owners of fish farms insure them.

He added that the experience in the fish farm insurance market is distinguished by that it is an international experience that needs careful study to adapt it according to the local insurance market, and the largest part of the market is located in Europe, where London, the global insurance center, is the largest component and there are large reinsurance markets in Switzerland, Germany and France. It should be noted, however, that large insurance and reinsurance centers outside Europe can also be found in the United States, Australia, New Zealand, India and Japan.

On the other hand, according to the bulletin, fish production from fish farms played an important role in bridging the food gap between demand and supply of fish. Therefore, the state became aware of the importance of fish production, whether in terms of fishing or farming, as fish production emerged through fish farming as the best possible way to meet the demand Growing fish, which has a direct bearing on food security.

According to the General Authority for Fish Resources, the local production of fish has increased to nearly 2 million tons, of which 1.7 million tons are from fish farming, and the rest of the local fish production is from natural fisheries (lakes, Bahrain and the Nile). Therefore, the percentage of self-sufficiency in Egypt is fish. Surpassed 95%

The development of fish wealth in Egypt is carried out through several axes, including the development of lakes and the expansion of fish farming through national projects, as well as the expansion of integrated fish farming, especially with the increase in the expansion of reclaimed lands and the dependence on well water.

The article The Insurance Union calls for its members to provide protection for the aquaculture industry. It was written in the Al Borsa newspaper.