Aquaculture losses surge in South Korea due to high water temperatures

Aquaculture losses in South Korea are rising sharply due to high water temperatures. As of mid-year, an estimated 16.2 million farmed fish have died, with significant damage reported in provinces such as Gyeongnam, Gyeongbuk, Jeonnam, and Jeju.

Suhyup has reported 333 insurance claims totaling an estimated 25.8 billion won, more than double the amount and number of claims from the previous year. To support affected fisheries and stabilize management, Suhyup has begun preemptively paying out up to 50% of estimated insurance claims to help with rapid recovery efforts.