Agriculture Insurance Company of India (AIC) launches Shrimp Insurance

The Fisheries sector plays a significant role in the Indian economy and provides livelihood to millions of fisher folks across the country. India is the 3rd largest fish-producing and 2nd largest aquaculture-producing nation in the world. The Aquaculture Industry with a promising average growth rate of 7.37% is dominated by Shrimp Farming covering an area of 1.7 Lakh Hectares fetching foreign exchange of around Rs 43000 Crores.

The aquaculture farmer is under constant threat by risks posed by natural calamities and diseases causing pecuniary losses to the farmers, along with other socio-economic and technological challenges. There has been a continuous demand from the farming community for a sustainable insurance programme for the mitigation of losses.

In view of the above, the Company has launched a new insurance product “Shrimp Insurance” especially for shrimp aquaculture on a Pilot basis in Gujarat, West Bengal, Andhra Pradesh, and Tamil Nadu following a participatory approach involving all stakeholders throughout the entire stage of product development.

AIC’s “Shrimp Insurance” product was launched by Union Minister for Fisheries, Animal Husbandry & Dairying, Parshottam Rupala, during Shrimp Farmers Conclave 2023 at Navsari Agricultural University Campus, Navsari Gujarat on September 14, 2023.

The CMD of AIC, Smt. Girija Subramanian along with other dignitaries from the State Government, CIBA, and other organizations and farmers were present on this occasion.

Post Pilot, AIC is planning to scale up the Product both in terms of its diversity, incorporating other Species of Fish, and also in terms of its distribution i.e., across the country, incorporating the learning experiences so gained during pilot implementation.