Insurance as a Component of The Marketing Mechanism to Develop Aquaculture

Abstract

The study aims at assessing the current aquaculture insurance in the Russian market. Due to this, it is necessary to understand the role of the aquaculture industry in the economy and determine its development in Russia, as well as to assess the modern concepts and processes of the aquaculture insurance. According to the general conclusions of the study, the fish farmers’ need in insurance varies depending on the type and size of aquaculture enterprises, the financial structure of their business, and the types of the grown aquatic organisms. In the study it is indicated that the aqua-insurance has not yet become a marketing instrument to minimize economic risks for most fish farmers. This is mainly due to the fact that the aquaculture industry in Russia is still relatively small, and therefore there is a lack of knowledge and experience in the aquaculture insurance. However, the Russia’s strategic position, an extensive fund of inland waters and marine areas, and a diverse species composition of farmed and cultivated aquatic biological resources make the aquaculture development rather attractive for business development. Thus, in the study it is concluded that in case of the further development of fish farming, the demand for knowledge and experience in the area of aquaculture insurance will increase.

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Prospects, determinants and profitability of aquaculture insurance among fish farmers in the Eastern Region of Ghana

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