Insurance coverage for fisheries, aquaculture units abysmal in India

Given the low penetration of insurance products in the fisheries sector, the FAO World Review of Capture Fisheries and Aquaculture 2022 has suggested involvement of public and private insurance service providers to undertake proactive measures to turn the tide on fisheries and aquaculture insurance in India.

With weather playing truant in the fisheries sector, the involvement of insurance service providers should be encouraged for the overall competitiveness and efficiency of service delivery in the sector.

The report assumes greater significance when occupational hazards to life and property of fishers and fish farmers are increasingly on the rise with the occurrence of frequent extreme weather events in recent times.