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Risk Assessment of the Mediterranean Seabass and Seabream industry in Greece: A Stochastic Simulation Approach Based on insurance Claims

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Abstract
  • The Mediterranean finfish aquaculture is strongly represented from the successful industrial development of the mass production of the Mediterranean seabass (Dicentrarchus labrax) and seabream (Spaurus aurata), with Greece as the major producer country, contributing with approximately 57% of the global farmed production of both species. Despite the difficulty to obtain information from the private and public sector about the aquaculture insurance claims, the analysis of insurance data is necessary to develop a risk management strategy of the industry. The aim of the present work is to identify the major risks affecting the seabass/seabream aquaculture by examining qualitative and quantitative insurance claims from the early developmental stage (mid-80s) up to the maturation of the Greek sector (2000). A risk assessment based on scenario quantification and Monte Carlo Simulation with the ZHA WORKS 4.2 QUANT software is used to reveal percentile statistics of 1 Year/Worst out of x Years aggregate loss and thus to "harden" the basis for decision taking. The use of the past insurance experience provides forecasting trends for risk avoidance in the future and contributes to a strategy development for the sustainability of the sector.
  • Keywords: Aquaculture, Aquaculture and Risk, Fisheries Economics
  • Keywords: Aquaculture, Aquaculture and Risk, Fisheries Economics
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  • Theodorou, John A., Antonios Kotsonis, Patrick Sorgeloos, Jacques Viaene and Ioannis Tzovenis. 2010. Risk Assessment of the Mediterranean Seabass and Seabream industry in Greece: A Stochastic Simulation Approach Based on insurance Claims. 6 pages. In: Proceedings of the Fifteenth Biennial Conference of the International Institute of Fisheries Economics & Trade, July 13-16, 2010, Montpellier, France: Economics of Fish Resources and Aquatic Ecosystems: Balancing Uses, Balancing Costs. Compiled by Ann L. Shriver. International Institute of Fisheries Economics & Trade, Corvallis, Oregon, USA, 2010.
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  • US National Oceanic and Atmospheric Administration (NOAA) Fisheries Division, Agence Française de Développement, Ministère de l’Enseignement Supérieur et de la Recherche, Ministère de L’Alimentation de L’Agriculture et de la Pêche, Ministère de l’Énergie, du Développement Durable et de la Mer, La Région Languedoc Rouslilon, Département Hérault, Montpellier Agglomèration, The Department of Fisheries and Oceans, Canada, and AquaFish Collaborative Research Support Program (CRSP).
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