Summary of the energy storage work of the fisheries mutual insurance association

What is fishery mutual insurance (FMI) ?

Fishery mutual insurance (FMI) is a risk-sharing mechanism similar to insurance that covers fishery risks via pooling. Over the past 26 years (1994-now), it has gradually replaced private fishery insurance in China and has undergone continuous adjustments in terms of both programs and practices.

What is the major function of the latter fishery insurance?

The major function of the latter fishery insurance is aimed at agricultural risk management. China's fishery insurance has a prominent non-profit characteristic, but the former above has low compatibility as it is biased towards commercial insurance risk management.

Why is fishery insurance important in China?

Fishery insurance in China is important because the fishery sector involves complex productions with diverse risks.

How to solve the technical bottleneck of fishery Insurance Development?

To address the technical bottleneck of fishery insurance development, attention should be paid to the training of fishery insurance professionals composed of insurers, insurance brokers, insurance assessors, and others. Fishery insurance should be implemented with the help of fishery technical departments, as well as technical personnel.

What happened to fishery insurance in the 1990s?

In the 1990s, financial loss in fishery insurance businesses became severe, particularly in small-scale fisheries and fish-farming activities, as they were confronted with a high level of risks.

What does 'insured' refer to in fishery insurance?

'Insured' refers to a member of the unit in the context of fishery insurance. This includes individuals or vessels covered by the insurance policy.