Subsidized agricultural insurance contributes to the growth of insurance payments in the Russian fish farming industry

The most significant insurance payments over the past five years include: 229 million rubles paid to Russian Sea — Aquaculture LLC in the Republic of Karelia for the loss of trout due to ice cover; 142 million rubles for the death of 138 thousand rainbow trout on Lake Ladoga; 58 million rubles received by Raskat LLC in the Astrakhan Region for the loss of 22 thousand Russian sturgeon due to natural disasters; and 51.2 million rubles paid to Maltat LLC in the Krasnoyarsk Region for the death of aquatic bodies of aquaculture. In 2023, the volume of the commercial aquaculture insurance market in Russia reached 305 million rubles, and for the first half of 2024, the amount of insurance premiums amounted to 162 million rubles. Korney Bizhdov noted that commercial aquaculture insurance, with its significant natural risks and complex underwriting procedures, is considered a global challenge. However, the introduction of this area into the state-supported agricultural insurance system in ...