Minister of Fisheries, Animal Husbandry & Dairying Shri Parashottam Rupala chaired the National Conference on Fisheries and Aquaculture Insurance in hybrid mode today at PUSA, New Delhi. Union Minister also distributed Group Accident Insurance Scheme (GAIS) cheques of Rs 5 lakh each to the identified beneficiaries. Secretary, DoF, Dr. Abhilaksh Likhi, Joint Secretary Shri Sagar Mehra and Ms. Neetu Kumari Prasad were also present on the occasion.

In his address Shri Parashottam Rupala called upon all stakeholders to come forward with their suggestions and inputs on preparing guidelines for vessel insurance schemes. He said that Group Accident Insurance Scheme (GAIS) has been quite successful and similar success should be replicated for crop insurance and vessel insurance among fishermen community. The minister also added that issues arising out of climate change should be factored while making new schemes. Shri Rupala complemented the department for organising the conference which will go a long way in sensitising all stakeholders.

Union Minister distributed GAIS cheques of Rs 5 lakh each to beneficiaries namely Mrs G. Parvathi, Mr G. Srikanth, Mr M. Prashanth, Mrs G Nagamani and Mrs. G Sujatha from various districts of Telangana. During the event, Shri Rupala also interacted with GAIS beneficiaries namely Mrs. Bimla Devi from Jammu and Kashmir, Mrs. Geeta from Assam, and Mrs. Urvashi from Andaman and Nicobar. The minister also interacted with insurance beneficiaries and got their feedback. The beneficiaries highlighted the smooth and hassle-free process of availing the insurance. During the interaction with Mr. Bharani and Mr. Prasanna, beneficiaries of Agriculture Crop Insurance for shrimp farming in the Villapuram district, it was highlighted that the crop insurance played a crucial role in mitigating risks associated with shrimp farming. In addition, Union Minister also addressed the queries of fishermen/fish farmers from various states during the conference.

Secretary, DoF, Dr. Abhilaksh Likhi in his remarks said that the department will study the successful insurance models for fishermen in other countries like Japan and Philippines and their experiences will be adapted as per local conditions. Dr. Likhi also underscored that government is promoting vessel insurance schemes from companies and a committee has been set up to work on common parameters for such schemes. He also added that schemes under crop insurance are being reviewed to remove any trust deficit with fisher community. The Secretary mentioned that Group Accident Insurance Scheme (GAIS) is the oldest and most successful scheme under 'Pradhan Mantri Matsya Sampada Yojana' (PMMSY).

Joint Secretary (Inland Fisheries) Shri Sagar Mehra touched upon the ongoing schemes and programmes of the Department for insurance and risk management to promote livelihoods and sustainability and resilience of the sector. He also highlighted the challenges and prospects in Fisheries Sector, emphasised on spreading awareness regarding the advantages of insurance amongst fishers and fish farmers and advocated for capacity-building programs, financial literacy initiatives to enhance their understanding of the significance of insurance coverage.

Industry experts Ms. Suchitra Upare, Coordinator CAFI-SSF Network, Food and Agriculture Organization, New York, USA, Dr. Shinoj Parappurathu, Senior Scientist, Fishery Resource Assessment, Economics & Extension Division (FRAEED) & Nodal Officer, and Dr T Ravishankar, Principal Scientist & SIC, SSD,ICAR-Central Institute of Brackish water Aquaculture, Chennai, Tamil Nadu shared  important insights regarding insurance and touched upon key aspects such as global experiences and best practices in fisheries/aquaculture, prospects of Marine Fisheries Insurance in India and shrimp insurance, various crop insurance opportunities etc.

The occasion witnessed the involvement of private insurance entities, including ICICI Lombard General Insurance Co Ltd and Oriental Insurance Company Ltd. Mr. Shubham Patiyal, Senior Manager at ICICI Lombard General Insurance Co Ltd, provided insights about parametric insurance, elucidating the crucial parameters essential for insurance considerations. In addition, Ms. Meera Parthasarathy, General Manager at Oriental Insurance Company Ltd, delved into the topic of risk mitigation management through insurance in fisheries. She underscored the collaborative effort with CIBA in developing insurance products tailored for the fisheries sector.

The Aquaculture & Vessels Insurance Conference engaged a diverse array of stakeholders within the insurance as well as fisheries sector. The event aimed to Foster partnerships amongst all fisheries Insurance related stakeholders,Encourage collaborative initiatives, best practices, and innovations,Setting goals in research and development, Inspire farmers and fishers to embrace insurance coverage through impactful experiences and success stories, andboost adoption rates of fisheries insurance within the fisheries community by enhancing awareness.

Recognizing the need to create awareness about safeguarding the interests of the fishers and fish farmers and to have a productive deliberation with various stakeholders in the fisheries sector, Insurance Companies, Insurance Intermediaries and Financial Institutions, the Department of Fisheries organized this National Conference. The deliberation in the event will assist in developing a broad implementation framework, collaborative effort and innovative solutions (incentives, product innovation etc.) which could make insurance packages more affordable and attractive for the fishers and aquaculture farmers.

Deliberation was also held with Industry experts and researchers including FAO officials, Scientists from CMFRI and CIBA, representative from ICICI Lombard, Oriental Insurance Company Ltd., Matsyafed, Kerala and The New India Assurance Co.Ltd. Farmers and Fisheries associations shared their experience related to challenges faced in availing fisheries insurance.

The conference engaged in discussions regarding the following key interventions:

• Risk mitigation through Insurance in fisheries
• Gaps/challenges and prospects of aquaculture & vessel Insurance in India
• Various insurance products and their features that can be implemented in fisheries sector.
• Indemnity based, and Index based Insurance opportunity in crop Insurance for fisheries.
• Role of reinsurance in fisheries
• Role of microinsurance in fisheries sector
• Best practices for prompt claim settlement process in minimal hassle

The participants in the conference included Fish farmers and Fishers, Fisheries cooperatives and producer companies, States/UTs Government officials involved in fisheries management, Researchers & Educationists, KVKs, insurance companies and financial institution, traceability & certification service providers etc. Extended people participation from respective gram panchayats, Krishi Vigyan Kendra’s (KVKs), Fisheries universities and Colleges, States/UTs DoF officials etc. was carried out through VC (Video Conferencing). Total 6850 (Physical-350 and Virtual-6500) participants participate in the conference. The Conference envisions a comprehensive approach to fortify and expand the reach of insurance in fisheries sector for the benefit of the entire community.

Background:-

Fisheries and aquaculture are important sources of food, nutrition, employment, income,and foreign exchange. This sector provides livelihood, employment, and entrepreneurship to more than 3 crore fishers and fish farmers at the primary level and several lakhs along the value chain. India is the 3^rd largest fish-producing country with around 8% share in global fish production. During the last nine years, the Government of India has taken transformational initiatives for the holistic development of the fisheries and aquaculture sector in the country.

The fisheries sector is a pivotal contributor to India's economy, providing livelihoods for millions of people. To enhance sustainable and responsible development in this sector, the Government of India introduced the 'Pradhan Mantri Matsya Sampada Yojana' (PMMSY) in May 2020. This initiative aims to catalyse a Blue Revolution by addressing critical gaps in fish production, postharvest infrastructure, traceability, and fishers' welfare. The National Fisheries Development Board (NFDB) has been designated as the nodal agency for PMMSY implementation, including insurance schemes. Despite its significance, the fisheries sector faces vulnerabilities such as natural disasters and market fluctuations that can adversely affect the well-being of those involved.

Traditional fishers need to be protected from the risks associated with capture fisheries during natural calamities. Towards this end, assistance for insurance cover to fishing vessels and Fishermen of the marine fishermen is provisioned under PMMSY. However, the trending challenges are- navigational hazards, aging fleet and maintenance issues, catastrophic events etc.

Aquaculture in India is exposed to various risks such as diseases, extreme weather events, and market fluctuations. Assessing and managing these risks can be challenging due to the dynamic nature of the aquaculture industry. Farmers did not show much interest in the pilot Aquaculture crop insurance scheme as it provided only basic coverage and not comprehensive, including diseases. Insurance companies do not have Legacy data on aquaculture crop loss. Though the insurance companies expect a wide coverage of Aqua crops to be insured,but because the product is more expensive its acceptability is low at present. Many aquaculture operators may not be aware of the benefits of insurance or may lack understanding about the available products. Reinsurance support is very much needed by the Insurance companies.

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