Aquaculture Insurance newly introduced in the DPR Korea

According to a far-reaching plan of supreme leader Kim Jong Un to supply the people with fresh fish all the year round, many fish and seafood breeding farms have been built in many places across the country suitable for raising them, keeping production going on a high level and the production activities were put on scientific, intensive and modern bases meeting increased demand of the people and following the worldwide trend of developments.
In our country, breeding farms in freshwater and inshore zones have raised various kinds of fishes and seafood appropriate for their specific situation considering the recent development trends, thus increasing their production much greater than in previous years.


In freshwater farms, they give priority to both fishpond farming method and naturally-breeding method equally, raising mainly native species such as rainbow trout, carp and goldfish, as well as catfish, eel, loach and so on which are tasty and good for health. They also produce fishes in net-cages installed at suitable places in rivers and reservoirs including Taedong and Potong rivers.


In seawater farms, taking advantage of the distinctive character of our country being surrounded by the sea on three sides, they breed seaweeds such as Dasima and Miyok and seed fishes of crustaceans such as crabs and prawns, and mollusks such as sea urchin, sea cucumber, scallop, ear, shall and short neck clam, having introduced techniques of indoor and outdoor fishpond farming, deep sea farming and so on.


 All fish farms in our country have thoroughly established the system of sanitary and anti-epidemic measures to prevent the epizootic diseases by vaccinating on a regular basis and thus have much decreased the occurrence of diseases.


Considering fishing industry being emphasized to be one of the key industries in the 21st Century, Korea National Insurance Corporation (KNIC) is planning to  provide insurance for the farms that will help the industry to develop   on a normal basis overcoming  recent adverse weather conditions.


As far as the Aquaculture Insurance, the subject matter covers all fishes and seafood raising both in freshwater and seawater, and risks covered are flood, storm, landslide, fire, lightning, explosion, drought, earthquake, hurricane, hail, windstorm (15m/s), frost, hail, electrocution, disease and pollution following the standard terms of the international market.
KNIC will be carrying on risk survey of covered aquaculture farms on a regular basis in cooperation with international loss adjusters to further their safe development, while increasing the number of applicants by widely publicizing the aqua-insurance.