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Globally, who are the top 5 players of aquaculture insurance, and what is their market share, projected growth, key clients, and main regions?
Hello! It is my pleasure to respond to your query in providing you with information on the Global Aquaculture Insurance Market. We’ll begin with a brief overview of the Global Aquaculture Market, then look more closely at the Global Aquaculture Insurance Market. Lastly, we’ll look at the global players in this market – getting as in-depth as possible on a spreadsheet.
SHORT ANSWER: The Global Aquaculture Market is estimated to be worth about $202.96 B by 2020, showing a CAGR of between 2.2% and 4%. The Global Aquaculture Insurance Market can be roughly estimated to be valued between $3.66 B and $4.2 B in 2017. It is not possible to calculate the market leaders or market share of companies – specifically as relating to their shares of the Aquaculture Insurance Market – with publicly-available information.
OVERVIEW: GLOBAL AQUACULTURE MARKET
The most-recently published report on the overall Aquaculture Industry is the 2016 State of the World Fisheries and Aquaculture put out by FAO (Food and Agriculture Organization of the United Nations). It contains a wide variety of highly-useful information if you’re looking to find out more about this industry.
According to GlobeNewswire, the overall Aquaculture Market is expected to be valued at $202.96 B by 2020, showing a CAGR of 2.2% between 2014 and 2020. However, Technavio identifies the expected growth to be closer to 4%. They note that, “Aquaculture is the fastest-growing food production system in the world due to the lack of naturally available varieties of fisheries harvested in natural environments,” and that “increasing awareness of the health benefits and nutritional value associated with seafood has accelerated its consumption.” The two regions with the largest aquaculture markets were China and Asia Pacific. SeafoodSource notes that “China’s aquaculture output accounts for 70 percent of the global total”. However, it should be noted that many of the aquaculture fisheries and companies in China are NOT covered by insurance, as the country has only been putting governances into place in this industry in the last few years.
It should be also noted that the Aquaculture Industry is experiencing growth all over the world – and this will only continue to increase as countries work toward aligning their goals with the food security and nutrition goals featured in the 2030 UN Agenda for Sustainable Development.
OVERVIEW: GLOBAL AQUACULTURE INSURANCE MARKET
P.A.D. Secretan identifies aquaculture insurance as “all types of various insurance that would normally be used to protect an aquaculture business operation”. For a large aquaculture business operation, this would include insuring: “buildings and equipment, employees, stock, livestock, liabilities, motor vehicles, vessels and divers, goods in transit, and other insurable interests”.
It appears that the most-recent comprehensive report on this industry is from 2006 (Review of the Current State of World Aquaculture Insurance – FAO), which is too dated to be of much use for us here. Additional extensive research did not reveal an actual value to the Aquaculture Insurance Industry (nor any logical, valid way to calculate that market size based on the overall Insurance Industry), however, an article from FP Marine Risks notes that insurance premiums in this market could have been valued at approximately $3 B (in 2014), which is the closest we can get to the market size. The article points out that this market “is very difficult to calculate given the levels of underinsurance in aquaculture”.
If we take a rough estimate of growth of the overall Aquaculture Industry (2.2% - 4%) and apply that to the growth of the Aquaculture Insurance Market, we can then estimate that the 2017 Aquaculture Insurance Market can be valued between $3.66 B and $4.2 B. However, this should only be seen as a rough estimate based on publicly-available data.
OVERVIEW: GLOBAL AQUACULTURE INSURANCE PROVIDERS
According to P.A.D. Secretan’s PDF, the major institutions and companies that offer direct aquaculture insurance include (countries listed):
• CANADA: American International Underwriters
• CHILE: Royal & Sun Alliance Seguros
• FRANCE: Groupama
• GREECE: Hellenic Agricultural Insurance Organization
• NORWAY: Gjensidige Forsikring AS; IF Forsikring AS; Nemi Forsikring AS (formerly Norway Energy and Marine Insurance ASA); TrygVesta Forsiking AS
• POLAND: Powszechny Zaklad Ubezpieczen SA Centrala
• SPAIN: Agroseguro
• UK: Royal & Sun Alliance; Sunderland Marine Mutual Insurance Company; Underwriters at Lloyd’s of London
• USA: The Hartford; American Livestock Insurance Company
Please Note: The Global Aquaculture Insurance Consortium is NOT included in this list because it is directly associated with Lloyd’s of London, which also has an insurance underwriting segment. According to Review of the Current State of World Aquaculture Insurance, “Lloyd’s should not be considered an insurance company, but rather a market in itself”.
Because each insurance company’s segment and policy information is private and not publicly-disclosed, it is not possible to pull ONLY the Aquaculture Insurance segment from each one to determine which one is the market leader – or the percent of market share of each company – for this particular market. Additionally, there is no way to calculate this from any information that is publicly-available, especially since we are only very-roughly estimating that actual market size. So, in lieu of a true competitive analysis, which WOULD indicate the market leaders and market shares, I have provided you with a spreadsheet that includes an overview of each of the major companies involved in this space.
• Company Name
• Website
• Major Locations / Regions
• Overall Annual Revenue
It should be noted that the Overall Annual Revenue includes revenue from insuring aquaculture businesses and providers, though no more specific data could be pulled about the specific percentage of this coverage within the overall revenue of the company. Please note that I was also unable to locate any Key Aquaculture Clients of these insurers (except a few clients of one insurer, as noted on the spreadsheet), despite a deep dive into their websites and various press releases and news articles. It does not appear that these companies release this information.
Although this is not what you asked for, this is the best we can provide based on information that is available publicly. It is my hope that this information will be enough to provide you with what you need.
ADDITIONAL AVENUES OF RESEARCH
Since the Global Aquaculture Market is growing and is expected to continue to get bigger, we will see more information about this market in the coming years. Along with this, we are sure to see more information on this particular segment in the overall Insurance Industry – especially as China is coming online with insuring their providers (and considering they have the largest market in the world). Reviewing the reports from the UN’s Food and Agriculture Organization on this industry will be your best bet in keeping up with current market information and trends.
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Thank you again for your question, and I hope this information gives you what you need. Please contact Wonder again for any other questions you may have!