A Comparative Study of Aquaculture and Crop Insurance Systems

This study aims to compare the system structures and operational mechanisms of Aquaculture Insurance with Crop Insurance in Korea, with a particular focus on its product designs and loss assessment systems. Using data from 2008 to 2023, the research analyzes subscription trends, average coverage amounts, and loss ratios. The study reveals that while both schemes are government-subsidized policy insurances, crop insurance demonstrates greater system maturity, evidenced by more stable enrollment growth and lower loss ratios compared to aquaculture insurance. In contrast, aquaculture insurance exhibits high volatility in loss ratios and stagnant or declining enrollment, highlighting the need for system improvements. Differences are also found in regional rate structures, discount systems, and claims handling processes. Based on these findings, the study proposes policy improvements such as refining rate-setting methods and strengthening the loss assessment workforce, providing meaningful insights for enhancing sustainability and transparency in disaster insurance systems for climate-vulnerable primary industries.