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November 26, 2013
Asian Aquaculture Insurance and Risk Management Conference
The Asian Aquaculture Insurance and Risk Management Conference will take place at the Sheraton Hotel and Towers, in Kowloon, Hong Kong, on May 13-15, 2014. The Conference is the outgrowth of conferences that have been held biennially in Europe over the last 25 years and is sponsored by many of the same organizations, including Munich Re., Swiss Re., Catlin Group, Ltd., Novae Re., Q Re., and FP Marine Risks, Ltd.
For too long the insurance industry has focused on aquaculture in the Americas, Europe and Australasia. This conference will focus on insurance and risk management of aquaculture in Asia.
Full details on the conference can be viewed at http://www.aairmc.com. At the site, it’s possible to book hotel accommodation and airline tickets at special rates and to take advantage of early-bird registration fees that are available until mid-February 2014.
Shrimp News contacted Paddy Secretan, Managing Director of AUMS (Aquaculture Underwriting Management Services, Ltd.), which is organizing the conference, and asked him if shrimp farming would be part of the conference.
Secretan says, “There are clear indications that the insurance industry is suddenly waking up to the fact that ‘behind its back’, aquaculture has become an enormous industry that is growing massively, and still has a long way to go. It recognizes that aquaculture is creating a lot of wealth and is a serious and growing market.”
“Its problem—and the industry is very aware of this—is how does it get a profitable share of that wealth! At the same time as the insurance industry is waking up to aquaculture’s potential, EMS is hurtling through the shrimp industry and causing 80% to 90% mortalities in some cases! In spite of EMS, however, I still believe we are on the threshold of a sea change in the perceived importance of shrimp farming in the eyes of insurance companies, and, importantly, of the politicians who have a role to play in dealing with the systemic risks of the industry; it is a role that they play in agriculture and need to play in aquaculture.”
“I think the conference can be a milestone in aquaculture insurance—the point at which the insurance industry gets seriously involved. Shrimp farming will be at the center of attention, because it’s the biggest sector of aquaculture, and the regions of the industry not hit by EMS are very profitable at the moment. We are working on the program for the conference, and it will have a session devoted to shrimp farming.”
The Chinese have become very interested in insuring aquaculture. It is expected that there will be a strong attendance by Chinese insurance companies at the conference. There are also a lot of western insurance organizations with offices in Asia, who are expected to attend. So to answer your question: Yes. I think we can get to the point where shrimp farmers will be able to get cover on the diseases and other perils that affect their businesses. I think we’re near to achieving that, and I hope the conference will help the process along; that is one of the main objectives for holding it.”
The conference will bring together experienced insurers, reinsurers, underwriting agents, loss adjusters, risk management surveyors, brokers, legal specialists, disease experts, aquaculturists, bankers, investors, government officials responsible for aquaculture, and other experts who can provide considerable experience on the unique risk and risk management demands of aquaculture.
Information: Philip A.D. Secretan, AUMS (Aquaculture Underwriting Management Services) Ltd., 112 Malling Street, Lewes, East Sussex, BN7 2RG, United Kingdom (phone +44-(0)-1273-488094, Skypein number +44 (0)208-133-5744, fax +44-(0)-1273-479645, Skype: aumsltd, email firstname.lastname@example.org, webpage http://www.aums.com).
Sources: 1. Emails to Shrimp News International from Paddy Secretan. Subject: The Asian Aquaculture Insurance and Risk Management Conference, Hong Kong, 13th to 15th May 2014. November 16 and 17, 2013. 2. The Webpage of the Asian Aquaculture Insurance and Risk Management Conference. Website visit on November 18, 2013.
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