Studies from Oregon State University Yield New Data on Risk Management (Enhancing the resilience of blue foods to climate shocks using insurance): Risk Management

2023 NOV 01 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- Current study results on risk management have been published. According to news reporting out of Corvallis, United States, by NewsRx editors, research stated, “For the Blue Foods economy-those sectors that gain value from the biological productivity of the oceans such as fisheries and aquaculture-climate shocks pose an existential threat.”

Financial supporters for this research include Nasa; Noaa.

The news correspondents obtained a quote from the research from Oregon State University: “Species range shifts, harmful algal blooms, marine heatwaves, low oxygen events, coral bleaching, and hurricanes all present a serious economic risk to these industries, and yet there exist few financial tools for managing these risks. This contrasts with agriculture, where financial tools such as insurance are widely available for managing numerous weather-related shocks. Designing financial tools to aid risk management, such as insurance, for equitable resilience against marine climate shocks will give coastal communities access to the necessary means for reducing their sensitivity to climate shocks and improving their long-term adaptive capacity.”

According to the news reporters, the research concluded: “We suggest that a convergence of the insurance industry and marine sectors, fostered through collaboration with governments, academics, and NGOs will help usher in new forms of insurance, such as ocean-index or parametric insurance. These new risk-management tools have the potential to help incentivize sustainable use of living marine resources, as well as strengthening the economic resilience of coastal communities to climate change.”

For more information on this research see: Enhancing the resilience of blue foods to climate shocks using insurance. ICES Journal of Marine Science, 2023. The publisher for ICES Journal of Marine Science is Oxford University Press (OUP).

A free version of this journal article is available at https://doi.org/10.1093/icesjms/fsad175.

Our news editors report that more information may be obtained by contacting James R Watson, College of Earth, Ocean and Atmospheric Science, Oregon State University, Corvallis 97330, United States. Additional authors for this research include Claire M Spillman, L Richard Little, Alistair J Hobday, Phillip S Levin.

ORCID is an identifier for authors and includes bibliographic information. The following is ORCID information for the authors of this research: James R Watson (http://orcid.org/0000-0001-8296-9015), L Richard Little (http://orcid.org/0000-0002-5650-7391), Alistair J Hobday (http://orcid.org/0000-0002-3194-8326).

(Our reports deliver fact-based news of research and discoveries from around the world.)