11th to 21st January 2024 - Ministry of Fisheries, Animal Husbandry & Dairying Shri Parshottam Rupala to chair the National Conference on Fisheries and Aquaculture Insurance in hybrid mode Flashcards
What is the Group Accident Insurance Scheme (GAIS)?
A centrally sponsored insurance scheme launched in 2020-21 under PM-Matsya Sampada Yojana.
Provides insurance to fishers, fish farmers, and those in allied activities (age 18-70).
Coverage: Rs. 5 lakh for death/permanent total disability, Rs. 2.5 lakh for permanent partial disability, Rs. 25,000 for hospitalization.
No beneficiary contribution – premiums fully funded by the government.
Who are the key entities involved in implementing GAIS?
NFDB (National Fisheries Development Board): Nodal agency for implementation; has an insurance cell for management.
Providence India Insurance Broking Pvt Ltd: Intermediary for claims management.
M/s Oriental Insurance Company Limited (OICL): The insurance provider.
What is the objective of the National Conference on Fisheries and Aquaculture Insurance?
Provide a platform for insurance sector stakeholders to discuss:
Expanding access to insurance schemes for fishers/fish farmers.
Innovations in insurance products.
Incentives for greater adoption of insurance.
What is the Aqua Crop Insurance (ACI) scheme?
Pilot scheme offering coverage for yield loss due to non-preventable risks for shrimp (L. Vannamei) and fish crops (Carps).
Implemented in Odisha, Assam, MP, Goa, Karnataka, and Puducherry.
NFDB assists with premium payments (20% general, 30% SC/ST/women).
Claims managed by Unilight Insurance Brokers Pvt. Ltd. through OICL.
Describe the new insurance product for shrimp crops.
Offers basic and disease coverage.
Devised by ICAR-CIBA, supported by Alliance Insurance Brokers, through OICL.
Differential premium rates (3.7%-8.5%) based on farmer needs and location.
What is the government’s plan for fishing vessel insurance under PMMSY?
Insurance coverage for damage to hull, machinery, nets, etc.
Coverage for collision, total/partial loss, natural calamities.
Government subsidy on premiums: 40% for general, 60% for SC/ST/women.
How many fishers are currently enrolled under the GAIS scheme?
34.15 lakhs fishers across 29 States/UTs. The scheme demonstrates a strong commitment to providing financial security within the fisheries sector.
What are the specific aims of expanding insurance coverage within the fisheries sector?
Risk mitigation: Protect fishers and fish farmers from the financial impact of accidents, crop failures, and vessel damage.
Financial stability: Provide a safety net during difficult times, ensuring continuity of livelihoods.
Investment encouragement: With reduced risks, individuals are more likely to invest in better equipment and practices, boosting the sector’s growth
Can you name 3 challenges in promoting insurance adoption within the fisheries and aquaculture sectors?
Awareness: Many fishers may not be fully aware of available schemes and their benefits.
Accessibility: Insurance processes and infrastructure might be limited in remote fishing communities.
Affordability: Even with subsidies, premiums may still be a burden for some, especially small-scale fishers.
What role could technology play in improving insurance delivery for fishers and fish farmers?
Simplified enrollment: Mobile apps or online portals for easier registration and documentation.
Claim processing: Use of remote sensing and image analysis to assess crop/vessel damage, speeding up claims.
Education: Digital tools to explain insurance concepts and benefits in local languages.
Besides government-driven schemes, what other insurance models could benefit the fisheries sector?
Mutual/cooperative insurance: Fishers pool resources for mutual protection.
Microinsurance: Small-scale, affordable products tailored to specific risks.
Index-based insurance: Payouts based on triggers like rainfall or temperature, rather than individual loss assessments.
Besides accidents, extreme weather, and disease, what other risks do fishers and fish farmers face?
Market fluctuations: Prices for fish and seafood can be volatile, impacting income stability.
Theft and vandalism: Fishing gear and vessels can be targeted, causing financial losses.
Pollution: Water contamination can harm fish stocks and livelihoods.
Regulatory changes: Shifts in fishing quotas or licensing requirements can impact operations.
What are some possible incentives to increase insurance adoption in the fisheries and aquaculture sectors?
Linking insurance to credit: Make insurance a requirement for obtaining loans for equipment or infrastructure.
Bundling with other services: Offer insurance combined with fish health management or market information packages.
Premiums based on safety practices: Reward those who adopt good safety and sustainability measures with lower premiums.
Awareness campaigns: Targeted outreach to highlight the benefits of insurance.
Who are the key stakeholders in developing effective insurance solutions for the fisheries and aquaculture sectors?
Government: Provides policy frameworks, subsidies, and regulatory oversight.
Insurance companies: Design and provide coverage, manage risks.
Fishers’ organizations and cooperatives: Raise awareness, facilitate group enrollment.
NGOs and research institutions: Assist with innovation, risk assessment, and outreach.
Technology providers: Offer solutions for data collection, claims processing, etc.
What are some global examples of successful fisheries insurance programs?
Japan: Long history of fishing vessel insurance with strong government support.
Philippines: Offers weather-index insurance to protect against typhoons.
Mexico: Microinsurance programs targeting small-scale fishers.
Chile: Aquaculture insurance covering losses due to disease outbreaks.
