Indonesia urged to adopt China, Thailand insurance policies on marine sectors

The two countries strengthened their fishery sector through their people

Indonesia urged to adopt China, Thailand insurance policies on marine sectors


By Kenneth Araullo

In a bid to strengthen and modernize its fisheries, Association of Indonesian Marine Affairs Scholars (Iskindo) chairperson Riza Damanik hopes that the country’s maritime sectors could be like those found in Thailand and China.

In a statement, he said that the two countries’ continued efforts to strengthen their fisheries’ sector and focus on the unity of the fishery business ecosystem allowed them to be perfect models for Indonesia to hopefully follow.

“They provide fishermen’s insurance”

“That's why they provide fishermen’s insurance,” Damanik said in an interview. “China also implements this, providing insurance for its fishermen and their boats.” He also praised the two governments’ involvement in the development of their fishery brand products.

“There are many models in front of us, so in our opinion, we don't need to speculate that there are no role models,” Damanik said. “After all, there are actually quite a lot of good or bad lessons that we can avoid to make fisheries more valuable.”

China’s efforts to strengthen its maritime industry remain of note. Recently, the country’s largest insurer, Ping An, launched its first ocean carbon sink index insurance policy. This insurance policy is part of an initiative by the insurer to help protect marine ecological systems, an ongoing effort since 2021. The effort also extends to other agricultural insurance products, with focus on both ecological and environmental protection. Ping An notes that these are all in the name of helping China achieve its “dual carbon” goals.

The policy will provide protection of kelp, shellfish, and algae for an area covering 8,867 square meters, with coverage amounting to CNY400,000.

Other global insurers have also made moves to bolster their marine sectors. Sedgwick recently announced the appointment of a new marine GM in Malaysia, with Elizabeth Gill officially taking the post to bolster the country’s capabilities within the sector.

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