March 9, 2021 +91-44-24618817, 24616948

ICAR-CIBA Organized the first stakeholder meeting with insurance companies and farmers for developing insurance support for brackishwater aquaculture, in particular for shrimp aquaculture through novel insurance products

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Shrimp farming which accounts for about 70% of Indian seafood exports revenue to the tune of Rs.35000 crore is an investment intensive and risk laden farming activity mainly due to the looming viral disease outbreaks and crop loses. However, adoption of better management practices, bio-security measures including aquatic health management and use of SPF shrimp seeds, helped to tackle the disease issues in the Indian shrimp farming clusters. Institutional support in the form of bank credit and insurance would further support the farmers in adoption of good aquaculture practices and ensure sustainability of the production system. Insurance companies have been reluctant to provide insurance cover to shrimp farming assuming that it is a risky farming venture, and the insurance companies kept away or the last two decades. ICAR-CIBA has been sensitizing insurance companies and facilitating them with scientific data that shrimp farming with adoption of better management practices is sustainable and needs institutional support, such as suitable insurance products. In this connection CIBA organized a consultation meeting at CIBA, Chennai on developing a pragmatic crop insurance product for shrimp aquaculture on 12.02.2021. Officials from leading insurance companies, farmers, farmer representatives, scientists and other stakeholders participated in the deliberations. In his opening remarks Dr K K Vijayan Director CIBA Chennai briefed participants about the genesis and growth of shrimp sector in India, the bloom-bust-sustainable phases the sector has witnessed. He highlighted that institutional insurance is the need of the hour for shrimp farming and it would create a win-win situation for both insurance companies and farmers. During the interaction moderated by CIBA, members from Allianz Insurance Chennai, New India Assurance Chennai and ICICI General Insurance Chennai and farmers and aqua business personnel exchanged their views on the draft proposal on Insurance products for shrimp farming and offered their suggestions. The farmers expressed their coverage requirements and assured that majority of the farmers would avail the insurance package. Dr T Ravisankar Principal Scientist from Social Sciences Division, CIBA moderated the discussions, highlighting the effort CIBA has been taking with the govt and the insurance companies, to develop an insurance product, to support the shrimp farmers.   Shri C A Srinivasan Vice President Allianz Insurance the company which is playing the facilitating role along with CIBA, stated that based on the outcome of the discussions on the insurance policy proposals, a pragmatic insurance policy could be worked out and subsequently the premium and other aspects would be discussed. Earlier Dr Sairam, HOD, Social Science Division, welcomed the gathering and Dr P K Patil Principal Scientist, Officer in Charge, Institute technology management Unit of CIBA coordinated the programme.