Center discusses fisheries insurance coverage with stakeholders

On December 29, the Fisheries Department hosted a national webinar on “Insurance Coverage for Fisheries and Aquaculture” which was chaired by Jatindra Nath Swain, Secretary, Fisheries Department (DoF), attended by farmers, fishermen, entrepreneurs, fisheries associations, Ministry of fisheries, officials of various states, faculties of state agriculture, veterinary and fisheries universities, fisheries research institutes, officials of fisheries cooperatives, among others.

A statement from the ministry said Jatindra Nath Swain noted that that fundamental issue is the lack of understanding of the concept of insurance among stakeholders and suggested that necessary outreach and capacity building programs should be undertaken to build trust to support private and other global insurance players for the fishing industry.

He emphasized that most of the stakeholders demanding insurance policies come from the maritime sector and inquired about the Group Accident Insurance Scheme (GAIS) offered by the Ministry of Fisheries. He said the necessary legal provisions could be included in the Marine Fisheries Regulation Acts (MFRAs) as a first step to gradually improve fisheries insurance adoption.

Sagar Mehra, Co-Secretary, highlighted the catch fisheries and aquaculture insurance coverage adopted in several countries in Asia, Africa, Europe and America for industrial and smaller fishing vessels and large aquaculture operations, among others.

LN Murthy, Senior Executive Director, NFDB explained about the many opportunities of the sector and highlighted the threats posed by the fishermen and fishermen, such as threats in offshore fishing, threats in cultural practices, among others.

He talked about the insurance products that have proven beneficial for them. He also pushed for the formulation of the insurance products by universities and academic institutions. He said sustainability, profitability and productivity are the way forward for the fishing industry.