Insurance facilities for fisheries sector is inefficient: CMFRI study

Insurance facilities for fisheries sector is inefficient when compared to other sectors such as agriculture, says a study conducted by Central Marine Fisheries Research Institute(CMFRI).

Apart from the accident risks of marine fishermen, the major risks involved in the fisheries sector such as loss and damage to fishing vessels and gear, and damage to coastal assets of fishermen are covered only on a limited scale across the country, including in Kerala.

The study found that the provision for vessel insurance, gear insurance and coastal asset insurance was quite low, with only one case of gear insurance reported from Kerala and a meagre 14 percent of the fishermen from Tamil Nadu having reported enrolment in coastal asset insurance. Insurance coverage of income risks owing to decline in fish stocks and price risks due to price fluctuations were not reported in the survey.

It said that vessel insurance was minimal compared to accident insurance. The adoption of vessel insurance in three southern States was found very low, except in Alappuzha district in Kerala.

The study was conducted in 14 fishing centres in Kerala, Tamil Nadu, Andhra Pradesh, Gujarat and Odisha and among the fish farmers in Kerala and Tamil Nadu. Information collected from the insurance companies and government departments was also analysed for the study.

The study was carried out under the supervision of Dr Shinoj Parappuram, a scientist at Social and Economic Review Department of CMFRI. The detailed version of the study is published in the research journal ‘Marine Policy’