Marine fisheries insurance in India: Opportunities and challenges

Shinoj, P (2023) Marine fisheries insurance in India: Opportunities and challenges. In: Winter School on Mariculture Technologies for Income Multiplication, Employment, Livelihood and Empowerment. ICAR-Central Marine Fisheries Research Institute, Kochi, pp. 359-364.

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Abstract

Technological advancements in the realms of vessel propulsion, gear design, navigation-system as well as information-communication have resulted in intensification of investments and thus deepening of economic risks associated with marine fishery operations. The risks in capture fisheries include a variety of factors such as loss or damage to fishing vessels, equipment and gear in operation, loss of catch and human casualties in the sea. Though such risks and dangers are inherent with marine fishing operations, their economic implications are manifold in recent times, particularly for the small-scale fishers and boat owners. The risks associated with fish culture in marine environment (mariculture) is also equally important in the wake of disease incidences, climate change and consequent weather factors, harmful algal blooms (HAB) and other natural calamities. Despite the above state of affairs, institutional mechanisms to address risk and uncertainties in the marine fisheries/ mariculture sectors have been grossly inadequate in India. Insurance is one of the widely adopted means for risk management and is used the world over as an effective instrument for containing and mitigating a wide variety of risks such as asset risks, production and management risks, market risks, personal and health risks. Insurance in fisheries is by far under-utilized compared with other sub-sectors of agriculture in the country, barring a few local exceptions, and therefore unavailable for the majority of the stakeholders in this sector. This is notwithstanding the growing demand for risk management solutions from the fishing community across the country.

Item Type:	Book Section
Uncontrolled Keywords:	Insurance; India; opportunities and challenges
Subjects:	Marine Fisheries > Policy Marine Fisheries
Divisions:	CMFRI-Kochi > Marine Capture > Fishery Resources Assessment, Economics and Extension Division Subject Area > CMFRI > CMFRI-Kochi > Marine Capture > Fishery Resources Assessment, Economics and Extension Division CMFRI-Kochi > Marine Capture > Fishery Resources Assessment, Economics and Extension Division Subject Area > CMFRI-Kochi > Marine Capture > Fishery Resources Assessment, Economics and Extension Division
Depositing User:	Arun Surendran
Date Deposited:	23 Jun 2023 09:19
Last Modified:	23 Jun 2023 09:19
URI:	http://eprints.cmfri.org.in/id/eprint/17156

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