Insurance for fish farm
Growing fish is a risky business. While the major risks are mainly climate conditions and fish disease, logistics and industrial pollution have also contributed greatly to fish mortality. In addition to all the risk factors, global warming also has been making a significant impact on fish farms. A severe heatwave during the summer and a strong storm during the fall just in the year 2021 in British Colombia have been identified as the result of global warming. Fish as a commodity is underinsured, and the insurances are underpriced. This means that fish farming is at great risk and needs a proper solution.
In this project, we use advanced statistical modeling methods to simulate the losses of fish stock. More precisely, we can model the mortality rate for the 12-month span in each year, and by using Monte Carlo simulation we can replicate the loss events on a yearly basis. The results are being used for Salmon and Tilapia, for the countries that grow the fish, including, Canada, Norway, Scotland, Chile, and Brazil.
