New Delhi: Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying, Government of India organized a National Webinar on “Insurance Coverage for Fisheries and Aquaculture” on 29th December, 2022 as a part of ongoing celebration of Azadi Ka Amrit Mahotsav. The event was presided over by Shri Jatindra Nath Swain, Secretary, Department of Fisheries (DoF), Government of India (GOI) and well-attended by more than 170 participants from across the country. These included fishers, farmers, entrepreneurs, fisheries associations, officials of Department of Fisheries, GoI and fisheries officials of different States/UTs, faculties from State Agriculture, Veterinary and Fisheries universities, Fisheries research institutes, Fisheries cooperative officers, Scientists, students and stakeholders from fisheries across the country.
Shri Jatindra Nath Swain, Union Secretary, Department of Fisheries, Government of India pointed out that fundamental issue is the lack of understanding of the concept of insurance amongst the stakeholders and suggested that necessary outreach and capacity building programmes should be undertaken to build trust to attract private and other global insurance players to the fisheries sector. He highlighted that most of the stakeholders who demand insurance policies are from the marine sector and briefed about the Group Accident Insurance Scheme (GAIS) provided by the Department of Fisheries, Government of India. He concluded his address by stating that necessary legislative provisions may be incorporated in the Marine Fisheries Regulation Acts (MFRAs) as a first step to gradually enhance the adoption of fisheries insurance.
Shri Sagar Mehra, Joint Secretary highlighted coverage of capture fisheries insurance and aquaculture insurance policies adopted across various countries in Asia, Africa, Europe and Americas for industrial and smaller fishing vessels and large aquaculture operations etc.. He further mentioned about the insurance products available in the domestic market offered by insurance companies. He also mentioned about the challenges in the aquaculture insurance and strategy to expand the coverage of insurance in fisheries sector while taking advantage of technology, ICT/IT, remote sensing and mobilizing participation of various different stakeholders.
During the technical session, Dr Shinoj Parappurathu, Senior Scientist, ICAR-CMFRI, Kochi, delivered a presentation on “Fisheries and Aquaculture Insurance in India: Opportunities and Challenges”. He highlighted the common perils in the fisheries sector both in the inland and marine sectors and informed about the insurance policy/product presently available with government and private sector for fishing gears and other equipments. Further, he elaborately explained about the outcomes of the survey carried out by ICAR – Central Marine Fisheries Research Institute (CMFRI) that highlighted lack of familiarity of the insurance policies and products amongst fishermen community and the aquaculture farmers.
The above was subsequently followed by a presentation on “Insurance Needs in Fisheries Sector” by Dr. L.N. Murthy, Senior Executive Director, NFDB. He explained about the multiple opportunities of the sector and stressed upon the threats posed by the fishers and fisherfolks such as threats during fishing at sea, threats in culture practices etc. He explained about the insurance product developed which have proven to be beneficial for them. He also insisted upon the formulation of the insurance products by universities and academic institutions. In the end he quoted that, “Sustainability, Profitability and Productivity are the way forward” for the fisheries sector.
Later, Shri B.K. Sinha Chief Manager, M/s Oriental Insurance Company Ltd, New Delhi presented on the topic Aquaculture (Shrimp and Prawn) Insurance Policy. A detailed presentation was made on insurance products available for aquaculture of variety of species and the scope of insurance coverage of such products. He further shared information on the policy period, basic policy valuation and discounts that are offered to the beneficiaries. Towards the end, he concluded by quoting that suitable terms and conditions of the insurance policies of Oriental Insurance Company Ltd should be chalked out.
After the presentation, a Q&A session was held with the distinguished speakers, clarifications were sought from the distinguished speakers on practical and on-the- ground issues and possible actions and development of new insurance products.
