Parshottam Rupala to Lead National Conference on Fisheries and Aquaculture Insurance in Hybrid Mode at PUSA, New Delhi on January 17, 2024

Minister of Fisheries, Animal Husbandry & Dairying Shri Parshottam Rupala will chair a National Conference on Fisheries and Aquaculture Insurance in hybrid mode on 17th January 2024 at PUSA, New Delhi. Union Minister will also distribute Group Accident Insurance Scheme (GAIS) cheques to the identified beneficiaries. MoS Dr Sanjeev K. Balyan, MoS Dr L Murugan and Secretary, DoF, Dr. Abhilaksh Likhi will also be present on the occasion.

The objective of the conference is to offer a platform to all stakeholder from the insurance sector to deliberate and discuss ways for enhancing access to insurance schemes and its benefits to fishers and fish farmers, promoting innovations on insurance product offerings and incentives etc. Over 300 participants are expected to participate in the conference including policy makers, state officials, researchers, fish farmers, FFPOs/Cs, fisheries universities, insurance companies, KVKs, financial institutions etc.

The insights and suggestions received during the event are expected to pave a way forward for addressing gaps in the insurance sector, devise strategies for mitigating more risks through insurance, expand access to aquaculture and vessel insurances, facilitate insurance product and service innovation as per market needs, understand further policy support, potential of microinsurance, improvise processes for prompt and hassle-free claim settlement processes etc. The conference also offers an opportunity for fostering collaboration and partnerships amongst stakeholders engaged in fisheries insurance for exchange of best practices and innovative ideas etc.

Senior officials from DoF and states fisheries department, industry experts will also be present in the Conference. Notable participants include representatives from prominent institutions such as the Food and Agriculture Organization (FAO), Central Marine Fisheries Research Institute (CMFRI), Central Institute of Brackishwater Aquaculture (CIBA), ICICI Lombard, Oriental Insurance Company Ltd, Insurance Regulatory and Development Authority of India (IRDAI) and Matsyafed, Kerala. The event includes interaction with financial institutions along with fishers and fish farmers who have availed the insurance benefits.

Fisheries play a crucial role in Indian society, offering sustenance, nutrition, employment, income, and foreign exchange. Involving over 30 million individuals at the grassroots level – encompassing people engaged in fishing, fish farming, processing, transportation, marketing, and more – the fisheries sector anchors the nation’s prosperity and growth. Fisheries as an activity offers varied livelihood opportunities, however is vulnerable due to risks arising from natural disasters and fluctuating markets. This impacts the livelihoods of millions associated with the sector and calls for policy intervention for ensuring robust social security and protection against losses. Thus, under PMMSY, Central Government, State governments, and Union Territory administrations offer and devise insurance schemes.

In 2020-21 under PMMSY, Government brought in Group Accident Insurance Scheme (GAIS) as a beneficiary oriented centrally sponsored scheme to offer insurance to fishers including fishermen, fisherwomen, fish workers, fish farmers, and others directly involved in fishing and fisheries-related allied activities within the age group of 18 to 70 years. GAIS offers insurance coverage of Rs. 5.00 lakh against accidental death or Permanent Total Disability (PTD), Rs. 2.50 lakh against Permanent Partial Disability (PPD), and Rs. 25,000 against accidental hospitalization. No beneficiary contribution is required as the premium is fully funded by the Central and respective State/UT Governments. Presently, 34.15 lakhs fishermen from 29 States/UTs are enrolled under GAIS with total premium amount of Rs 32.16 crore funded by centre and State/UT governments. Since 2021, 631 claims have been settled to the tune of Rs. 31.11 crore. GAIS claims are managed by Providence India Insurance Broking Pvt ltd as an intermediary through M/s Oriental Insurance Company Limited (OICL). National Fisheries Development Board (NFDB) is the nodal agency for implementing GAIS, an insurance cell at NFDB, Hyderabad has been set up for its effective managing and monitoring.

Further, traditional fishers engaged in capturing fish require insurance cover for their fishing vessels offering a safety net against natural calamities, navigational hazards, and potential maintenance issues such as aging fleets, new technologies etc. Aquaculture farmers require protection against risks related to disease outbreaks, severe weather events, and market volatility. Thus, to underscore the Government’s commitment to safety and security of fishers and fish farmers, other insurance schemes have been devised under PMMSY. In order to promote insurance coverage in aquaculture sector for loss incurred due to adverse climatic conditions, a pilot scheme on Aqua Crop Insurance (ACI) is being implemented to an extent of 2200 ha. ACI provides basic coverage against yield loss due to non-preventable risks and other natural calamities for both shrimp crop (L. vannamei) and fish crop (Carps). An important outcome of implementing ACI will be promotion, dissemination and compliance to better management practices for fish production. In the long run, this is expected to increase production, productivity, quality and compliance to standards.

For ACI, NFDB provides assistance in insurance premium (excluding GST) to the farmers at 20% for General category and 30% for SC/ST & women category. The claims for ACI are managed by Unilight Insurance Brokers Pvt. Ltd. as an intermediary through OICL. Till date, NFDB has provided assistance of Rs 55.59 lakhs to states of Odisha, Assam, Madhya Pradesh, Goa, Karnataka and UT of Puducherry for insuring 615 ha fish crop and 414 ha shrimp crop. In addition, a new insurance product providing basic and disease coverage exclusively for Shrimp Crop has been devised by ICAR-CIBA with the support of Alliance Insurance brokers through OICL. The product offers differential premium rates ranging from 3.7 to 8.5% to suit the farmer’s requirement and farm location. The Government is also introducing insurance coverage for fishing vessels under PMMSY to cover the damage to the hull, machinery, accessories including fishing nets, collision liability, total loss, partial loss, and losses caused by natural calamities. The activities relating to Insurance Premium Subvention for Fishing Vessels is part of the Centrally Sponsored Scheme component of PMMSY with the governmental subvention up to 40% of the annual premium amount for General category and 60% for SC/ST/Women categories.

With the aforesaid interventions put in place and recognizing the need to create awareness about the insurance sector, the Department of Fisheries is organizing this National Conference. Guided by the vision of a Aatmanirbhar and Viksit India, the Department of Fisheries is committed to exploring new horizons and fortifying existing structures within the insurance sector. This endeavour demonstrates the solidarity and commitment towards nation building through holistic growth and development of the fisheries sector.