
Rep. Moon Geum-joo pointed out the problem that although fishery damage due to climate disasters amounts to tens of billions of won every year, the aquaculture insurance subscription rate remains in the 40% range, and urged improvement of the system to shorten the compensation period and increase the subscription rate.
AI-generated summary
Damage from high temperatures due to climate change is causing serious economic losses in the fishing industry every year, and the effectiveness of the insurance system for this is controversial.
Representative Moon Geum-joo: “The insurance system must be improved to increase the subscription rate.”
(Boseong = Yonhap News) Reporter Son Sang-won = Climate disasters repeatedly cause damage to fisheries worth tens of billions of won every year, but the aquaculture insurance subscription rate has been found to remain in the 40% range.
According to data received from the Ministry of Oceans and Fisheries by Moon Geum-joo (Gwangju, Jeollanam-do, Goheung, Boseong, Jangheung, Gangjin) of the Democratic Party of Korea and a member of the National Assembly's Agriculture, Food, Rural Affairs, Oceans and Fisheries Committee, the annual average reported amount of fishing damage from 2021 to 2025 was 57 billion won.
Damage from high temperatures accounted for 82.4%, or 46.9 billion won, and reached 143 billion won in 2024.
The aquaculture insurance subscription rate rose from 37.0% in 2022 to 41.5% last year, but fell again to 40.7% as of last September.
In the case of high temperature damage, it took an average of 174 days from accident notification to insurance payment, which is more than twice as long as general damage (84 days).
Representative Moon emphasized, “We must quickly connect observation, damage determination, and insurance payment calculation and payment to dramatically reduce the compensation period and increase the insurance subscription rate.”
Representative Moon said, "Aquaculture insurance in the era of climate change should not stop at compensating after damage has occurred," and suggested, "Improvements are needed, such as differential support for small-scale fisheries insurance premiums, introduction of index-type insurance using water temperature and breeding information, relaxation of subscription criteria for new and variety conversion items, expansion of insurance premium discounts for emergency discharge and early shipment, and expansion of water temperature observation network."
AI outlook — possibilities, not facts
The Ministry of Oceans and Fisheries will prepare specific measures to improve the aquaculture insurance system.
Likely · Within months

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