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National Conference on Fisheries and Aquaculture Insurance to Strengthen Safety Nets for Fish Farmers

With the implementation of these insurance schemes and a commitment to creating awareness about the insurance sector, the Department of Fisheries aims to fortify existing structures and explore new horizons within the insurance sector.

Shivam Dwivedi
National Conference on Fisheries and Aquaculture Insurance to Strengthen Safety Nets for Fish Farmers (Photo Source: @FisheriesGoI/twitter)
National Conference on Fisheries and Aquaculture Insurance to Strengthen Safety Nets for Fish Farmers (Photo Source: @FisheriesGoI/twitter)

The Minister of Fisheries, Animal Husbandry & Dairying, Parshottam Rupala, is scheduled to convene a National Conference on Fisheries and Aquaculture Insurance on January 17, 2024, which is a major step in safeguarding the future of those involved in the fishing industry. The conference, to be held in hybrid mode at PUSA, New Delhi, aims to provide a platform for stakeholders in the insurance sector to discuss and strategize ways to enhance access to insurance schemes and their benefits for fishers and fish farmers.

The primary objective of the conference is to encourage dialogue among policymakers, state officials, researchers, fish farmers, and various other stakeholders. Over 300 participants are expected to attend, contributing insights on enhancing access to insurance, promoting innovation in insurance product offerings, and discussing incentives for the sector.

Addressing Gaps and Mitigating Risks

The insights and suggestions generated during the conference are anticipated to pave the way for addressing gaps in the insurance sector. Strategies for mitigating risks through insurance, expanding access to aquaculture and vessel insurances, and fostering innovation in insurance products will be discussed. The conference also aims to facilitate collaboration and partnerships among stakeholders in the fisheries insurance sector.

Prominent Participants and Collaborators

The event will witness the presence of notable participants, including representatives from institutions such as the Food and Agriculture Organization (FAO), Central Marine Fisheries Research Institute (CMFRI), ICICI Lombard, and Insurance Regulatory and Development Authority of India (IRDAI). The participation of industry experts, senior officials from the Department of Fisheries, and state fisheries departments is also expected.

Government Initiatives and Schemes

The conference will shed light on the initiatives taken under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) to ensure the safety and security of fishers and fish farmers. The Group Accident Insurance Scheme (GAIS), introduced in 2020-21, has enrolled 34.15 lakh fishermen from 29 States/UTs, providing coverage against accidental death or disability.

Aqua Crop Insurance (ACI) for Aquaculture Farmers

To further bolster safety nets, a pilot scheme on Aqua Crop Insurance (ACI) has been implemented to cover losses due to adverse climatic conditions for both shrimp crops and fish crops. The National Fisheries Development Board (NFDB) supports ACI by providing assistance with insurance premiums and promoting compliance with better management practices.

This endeavor is a testament to the government's dedication to nation-building through the holistic growth and development of the fisheries sector.

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