Sunderland Marine's three decades of aquaculture insurance
Sunderland Marine is marking 30 years of insuring fish farms which is significantly longer than other global insurers in the aquaculture sector.
Its underwriting team includes five former fish farmers, who provide a unique risk management service to operators as an integral part of their all-risks cover.
Tom Rutter, Sunderland Marine’s chief executive officer, said: “We believe our position in the market reflects our clients’ confidence in the quality and security of the cover we provide.”
“Since we wrote our first policy for Pairc Salmon fish farm off the north-west coast of Scotland in 1986, the global aquaculture industry has grown from 10m to 75m tonnes a year. It is now representing approximately 50% of all fish supplies for direct human consumption.”
Over the past 30 years’ fish farming has progressed through many cycles. Previously, the industry consisted of mainly small owner-operated units not it is consolidated under a relatively small number of major companies controlling many sites.
Mr Rutter concluded: “In the last 30 years many competing insurers have come and gone in the wake of heavy losses.”
“The largest aquaculture companies produce millions of fish a year and ensuring they are raised in optimum growing conditions, including protecting them from predators and natural perils, is no mean feat. Insuring them is just as challenging.”