Given the low penetration of insurance products in the fisheries sector, the ‘FAO World Review of Capture Fisheries and Aquaculture 2022’ has recommended that public and private insurance service providers work together to take proactive measures to help India’s fisheries and aquaculture insurance market recover.
With the weather being a factor in the fisheries industry, insurance service providers should be encouraged to participate in order to improve the sector’s overall competitiveness and efficiency of service delivery.
When occupational hazards to fishers’ and fish farmers’ lives and property are on the rise as a result of more frequent extreme weather events in recent years, the report takes on greater significance.
Fishermen and aquaculture farmers, on the other hand, are generally unaware of insurance options. In India, fishing vessels, coastal immovable property, and aquaculture units have abysmal insurance coverage. Appropriate extension efforts by government agencies, non-governmental organizations, and aquaculture societies, with appropriate participation from the fishing community, could bridge the gap and facilitate insurance product marketing at the grassroots level.
The report suggested that bundling disaster risk insurance packages with existing micro-credit schemes could be a viable option, given the strong network of micro-finance institutions and self-help groups in coastal areas.