Tokio Marine Nichido's insurance to cover land-based farms in Japan
The insurance policy will cover losses and assist the business if fish cannot be shipped out and will be the first such attempt in the nation.
Tokio Marine & Nichido Fire Insurance Co. plans to sell an insurance policy for operators of land-based fish farming in Japan, starting in January 2022, according to local news. The insurance policy will cover losses and assist the business if fish cannot be shipped out. Tokio Marine & Nichido said that it will be the first such attempt in the nation.
The insurance policy for land-based fish farming will cover losses in events where fish become unable to be shipped due to infectious diseases, contamination of the water or changes in water temperature. Losses in sea cultivation, which has been the primary form of fish farming in Japan, have been covered jointly by fisheries cooperatives through mutual aid schemes. Until now, insurance policies for land-based fish farming have covered only damage to hardware as fire insurance, and thus there has not been a policy that covers loss of the fish themselves.