Coverage of aquaculture risks in Algeria
The Société Algérienne d’Assurance (SAA), in association with the ministry of agriculture, rural development and fisheries along with the Caisse Centrale de Réassurance (CCR) have jointly staged a seminar dealing with the topic of “aquaculture insurance in Algeria: reality and prospects”.
This meeting provided an opportunity to present to the professionals of the business along with the different experts SAA’s aquaculture multi-risk contract, a scheme covering weather and pollution risks as well as collision with ships and theft. SAA becomes, consequently the first Algerian insurer to market this kind of coverage. CCR is the reinsurer of this new product.
The development of aquaculture in Algeria requires insurers and reinsurers’ coaching. Despite a few fears and concerns that some farmers may express regarding the level of premiums required, recourse to insurance remains indispensable for the success of the business.
In the absence of enough risk population to insure, the price of this kind of cover is necessarily high at the start of the new activity. This situation is not poised to linger on once this coverage comes to be generalized.
Aquaculture refers to all animal production activities in aquatic environment (rivers, ponds, sea shores …)
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