National Conference on Fisheries and Aquaculture Insurance to be Chaired by Minister Shri Parshottam Rupala

New Delhi:  Shri Parshottam Rupala, the Minister of Fisheries, Animal Husbandry & Dairying, is set to chair a significant National Conference on Fisheries and Aquaculture Insurance on January 17, 2024, at PUSA, New Delhi. The conference, operating in hybrid mode, will bring together key stakeholders from the insurance sector to deliberate on enhancing access to insurance schemes and their benefits for fishers and fish farmers.

One of the key highlights of the event will be the distribution of Group Accident Insurance Scheme (GAIS) cheques to identified beneficiaries by the Union Minister. The conference aims to facilitate discussions on promoting innovation in insurance product offerings, addressing gaps in the insurance sector, and devising strategies to mitigate risks through insurance.

The event is expected to witness the participation of over 300 stakeholders, including policymakers, state officials, researchers, fish farmers, fisheries universities, insurance companies, KVKs, and financial institutions. The insights and suggestions generated during the conference are anticipated to pave the way for a more robust and comprehensive approach to fisheries insurance.

The Minister emphasized the vital role that the fisheries sector plays in Indian society, providing sustenance, nutrition, employment, income, and foreign exchange. Engaging over 30 million individuals at the grassroots level, the fisheries sector encompasses various activities, such as fishing, fish farming, processing, transportation, and marketing. However, the sector faces vulnerabilities due to natural disasters and fluctuating markets, requiring policy interventions for social security and protection against losses.

Under the Pradhan Mantri Matsya Sampada Yojana (PMMSY), the Central Government, State governments, and Union Territory administrations have introduced insurance schemes to address these challenges. The Group Accident Insurance Scheme (GAIS) was initiated in 2020-21 as a beneficiary-oriented centrally sponsored scheme, offering coverage to fishers, fisherwomen, fish workers, fish farmers, and others involved in fisheries-related activities.

The GAIS provides insurance coverage of Rs. 5.00 lakh against accidental death or Permanent Total Disability (PTD), Rs. 2.50 lakh against Permanent Partial Disability (PPD), and Rs. 25,000 against accidental hospitalization. The premium is fully funded by the Central and respective State/UT Governments. Currently, 34.15 lakh fishermen from 29 States/UTs are enrolled under GAIS, with a total premium amount of Rs 32.16 crore funded by the central and state/UT governments.

Additionally, to address the needs of traditional fishers and aquaculture farmers, other insurance schemes like Aqua Crop Insurance (ACI) have been introduced under PMMSY. ACI provides coverage against yield loss due to non-preventable risks and natural calamities for both shrimp and fish crops. The conference will provide an opportunity for stakeholders to discuss and enhance these insurance initiatives for the benefit of the fisheries sector.

The event will witness the presence of senior officials from the Department of Fisheries, states’ fisheries departments, industry experts, and representatives from institutions such as the Food and Agriculture Organization (FAO), Central Marine Fisheries Research Institute (CMFRI), Central Institute of Brackishwater Aquaculture (CIBA), ICICI Lombard, and more.

Through the National Conference on Fisheries and Aquaculture Insurance, the Department of Fisheries aims to foster collaboration, exchange best practices, and encourage innovative ideas within the sector, thereby contributing to the growth and security of the fisheries industry.