ASA/WISHH’s Commercialization of Aquaculture for Sustainable Trade (CAST)-Cambodia project partners have signed a memorandum of understanding to launch an aquaculture insurance feasibility study and pilot project. The Syngenta Foundation for Sustainable Agriculture, World Vision Cambodia, and Forte Insurance Company held a virtual signing ceremony to announce that their initial findings have led to their agreement to proceed on a feasibility study that will provide greater understanding of the potential risks and opportunities for aquaculture insurance.
The three organizations have developed an implementation strategy, which they will execute by October 2022. The feasibility study aims to understand the potential risks in aquaculture that result from biological as well as external factors and then develop suitable index insurance products to support the aquaculture sector in Cambodia. Study results can provide valuable information on the current risk management practices used by aquafarmers as well as what support and tools are required for better risk management.
SFSA is a non-profit organization registered under Swiss law in Basel, Switzerland. With an emphasis on productivity, SFSA extends science-based know-how, creates awareness, and builds the capacity and implementation of crop insurance programs to mitigate production risks.
FORTE Insurance (Cambodia) Plc. is an insurance company providing diversified insurance products that serve a wide range of sectors, including agriculture.
World Vision Cambodia executes financial services programs in the CAST project. CAST is a U.S. Department of Agriculture-funded Food for Progress project that accelerates production of high-demand fish species for the Cambodian market and develops a lasting aquaculture industry.
Photo caption: The Syngenta Foundation for Sustainable Agriculture, World Vision Cambodia, and Forte Insurance Company held a June 2021 virtual signing ceremony to announce that their initial findings have led to their agreement to proceed on a feasibility study that will provide greater understanding of the potential risks and opportunities for aquaculture insurance.