The Union Ministry of Fisheries, Animal Husbandry and Dairy Industry recently discussed the issues faced regarding fisheries and aquaculture insurance coverage with industry stakeholders and experts of the sector.
On December 29, the Department of Fisheries hosted a nationwide webinar on “Insurance Coverage for Fisheries and Aquaculture”, which was chaired by Jatindra Nath Swain, Secretary of the Department of Fisheries (DoF) in the presence of farmers, fishermen, entrepreneurs, fisheries associations, fisheries department officials, state officials, state agricultural faculties, veterinary and fisheries universities, fisheries research institutes, fisheries cooperative officers, among others.
A statement from the ministry said that, Jatindra Nath Swain noted that this fundamental problem is the lack of understanding of the concept of insurance among stakeholders and suggested that necessary awareness raising and capacity building programs be undertaken to enhance the trust in order to attract private companies and other global players. insurance players in the fisheries sector.
He pointed out that most of the stakeholders applying for insurance policies are from the maritime sector and was informed about the Group Casualty Insurance Scheme (GAIS) provided by the Department of Fisheries. He said the necessary legislative provisions could be incorporated into the Marine Fisheries Regulatory Acts (MFRAs) as a first step to gradually improve the uptake of fisheries insurance.
Sagar Mehra, Joint Secretary, highlighted the coverage of capture fisheries and aquaculture insurance policies adopted in various countries in Asia, Africa, Europe and the Americas for industrial fishing vessels. and smaller and large aquaculture operations, among others.
LN Murthy, Senior Executive Director, NFDB, explained the multiple opportunities in the sector and highlighted the threats posed by anglers and fishermen, such as threats in sea fishing, threats in farming practices, among others.
He explained the insurance products that have proven beneficial for them. He also insisted on the formulation of insurance products by universities and academic institutions. He said sustainability, profitability and productivity are the way forward for the fishing sector.
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