Subsidized agricultural insurance contributes to the growth of insurance payments in the Russian fish farming industry

The article highlights the largest insurance claims in the Russian aquaculture sector over the past five years, including a 229 million ruble payment for trout loss due to ice cover. The market reached 305 million rubles in 2023 and is projected to grow, despite the complexities of aquaculture insurance due to high natural risks. Russia's subsidized agricultural insurance system for aquaculture, in place since 2020, currently covers salmon, sturgeon, and whitefish, with plans to expand to five species by 2025. The author, Korney Bizhdov, emphasizes the importance of insurance coverage for the industry and aims to enhance financial sustainability in partnership with Rosrybolovstvo and other stakeholders.

The most significant insurance payments over the past five years include: 229 million rubles paid to Russian Sea — Aquaculture LLC in the Republic of Karelia for the loss of trout due to ice cover; 142 million rubles for the death of 138 thousand rainbow trout on Lake Ladoga; 58 million rubles received by Raskat LLC in the Astrakhan Region for the loss of 22 thousand Russian sturgeon due to natural disasters; and 51.2 million rubles paid to Maltat LLC in the Krasnoyarsk Region for the death of aquatic bodies of aquaculture. In 2023, the volume of the commercial aquaculture insurance market in Russia reached 305 million rubles, and for the first half of 2024, the amount of insurance premiums amounted to 162 million rubles. Korney Bizhdov noted that commercial aquaculture insurance, with its significant natural risks and complex underwriting procedures, is considered a global challenge. However, the introduction of this area into the state-supported agricultural insurance system in ...