Welcome To Aqua Max

Insurance For Aquaculture

Insurance coverage can be tailored to meet the specific needs of an aquaculture business

Welcome To Aqua Max

Covers repair or replacement costs for equipment

Protects against environmental damage that could occur from the operation, such as the accidental release of pollutants

Our Features

Aquaculture Insurance

Fish farmers, like their terrestrial counterparts, often face numerous challenges in producing healthy food sustainably and profitably. With coverage from AXA XL’s market leading Aquaculture team, fish farmers can be assured that if their stocks are severely depleted by disease, storms or some other cause, they will have the resources to carry on.

Trusted Company

Anytime Money Back

Flexible Plans

24/7 Fast Support

About Our Company

Coverage

Our bespoke solutions cover offshore and onshore farms including hatcheries and grow-out operations. with a focus on the main risks fish farmers face

Disease

Pollution

Predation

Storms or other weather-related events like freezing or supercooling

Mechanical breakdown or electrical breakdown at onshore farms

Changes in water including deoxygenation and salinity

We also offer coverage for damages to property and equipment including boats, moorings, cages and feed barges.

1029 +

Insurance Policies

99 +

Awards WON

556 +

Skilled Agents

967 +

Team Members

Our Services

Benefits and Services

Based in Bergen, Norway, the aquaculture capital of the world, AXA XL’s Aquaculture team is an acknowledged market leader. The team has over 60 years of combined underwriting expertise along with a wealth of practical fish farm and veterinary experience. Our underwriters and claims managers also are experts in biomass estimation methods which ensures that covered losses are assessed quickly and fairly. We maintain ongoing relationships with fish farmers around the world, large and small, as well as leading university researchers, and are continually looking for new solutions that will help to boost resilience and enhance productivity.

INSURANCE TYPES

Basic

which covers Claims upto 40% of the Investment

Medium

covers Claims upto 60% of the Investment

Comprehensive

covers Climes upto 90% of the Total Investment

Some Important FAQ's

At This Aquaculture?

o The term aquaculture broadly refers to the cultivation of aquatic organisms in controlled aquatic environments for any commercial, recreational or public purpose.

o The breeding, rearing and harvesting of plants and animals takes place in all types of water environments including ponds, rivers, lakes, the ocean and man-made “closed” systems on land.

o Food production for human consumption,
o Rebuilding of populations of threatened and endangered species,
o Habitat restoration,
o Wild stock enhancement,
o Fish culture for zoos and aquariums.

Note

Shrimp farming is an aquaculture-based activity in marine or freshwater environments to produce shrimp for human consumption.

The estimated brackish water area suitable for undertaking shrimp cultivation in India is around 11.91 lakhs hectare (ha) spread over 10 states and union territories viz; West Bengal, Orissa, Andhra Pradesh, Tamil Nadu, Pondicherry, Kerala, Karnataka, Goa, Maharashtra and Gujarat.

Of this only around 1.2 lakhs ha are under shrimp farming now and hence a lot of scope exists for entrepreneurs to venture into this field of activity.

What are the Challenges in Implementing the Aquaculture Crop Insurance Scheme?

Aquaculture

Data Collection and Assessment:

Assessing the risks and setting appropriate insurance premiums require accurate and up-to-date data.

Gathering such data for aquaculture can be challenging, as it involves complex environmental and biological factors.

Aquaculture

Awareness and Education:

Many fishers and farmers may not fully understand the concept of insurance. Raising awareness and providing education on the benefits and processes of the insurance scheme is essential for its successful implementation.

Aquaculture

Adverse Selection:

There is a risk of adverse selection, where only those at high risk choose to participate in the insurance scheme, leading to unsustainable premium levels. Balancing the participant pool to include a diverse range of risk levels is a challenge.

The administration of the insurance scheme, including the timely processing of claims and premium payments, can be operationally complex.

Need for Aquaculture Insurance:

Risk Management:

Aquaculture is susceptible to various risks, including diseases, adverse weather conditions, water quality issues, and natural disasters.

These risks can lead to significant financial losses for aquaculture farmers. Insurance helps manage and mitigate these risks by providing financial compensation in the event of such adverse events.

Investment Protection:

Insurance safeguards substantial investments in infrastructure, ensuring that the financial resources put into the operation are protected against unforeseen events.

Market Confidence:

The availability of aquaculture insurance can boost investor and farmer confidence in the industry and encourage individuals to invest in aquaculture and expand their operations.

Sustainability:

Insurance can promote the sustainability of aquaculture operations by providing a means to recover from unexpected setbacks, this, in turn, can encourage responsible and sustainable practices in aquaculture to reduce risks and insurance premiums.