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Marine fisheries insurance in India: retrospect and prospects in the context of climate change

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Title Marine fisheries insurance in India: retrospect and prospects in the context of climate change
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Creator Suresh, A.
Vijay Kiran
 
Subject Fisheries insurance
Climate change
Sustainable fishing
Crop insurance
Livelihood
 
Description Not Available
Fishers often face risks to their life and fishing assets. Sudden changes in weather in the form
of cyclones, tsunamis, collision of fishing vessels, and accidental firings constitute major perils that
affect fishers. The weather fluctuations lead to an unstable income flow. Marine fishing insurance may
help fishers protect themselves against climate risks. The insurance in fisheries sector has several learning
lessons from the crop insurance schemes. This paper reviews the status of marine fisheries insurance in
India and prospects for reforming it in the light of the experiences of the crop insurance schemes. The
study uses both primary and secondary data. The primary data were collected using a snowball sampling
technique from 200 fishermen in Kerala; 100 each from traditional fishers and trawl fishers. The data was
supplemented by a case study of the Njarakkal-Nayarambalam Fishermen Welfare Cooperative
Development Society in Ernakulam, Kerala which facilitates insurance coverage to traditional fishers.
Also, three focused group discussions with the fishermen were carried out. The leaning lessons for fisheries
insurance from the crop insurance in Kerala were derived following a literature review. All the traditional
vessels (100%) in the sample were insured due to the operation of Matyafed, a cooperative venture
supported by the Government of Kerala, which provides credit to the traditional fishermen where the
insurance is bundled with credit. Vessels insurance has only marginal coverage with trawl fishers. The
main reasons for the low subscription are high premiums, inadequate coverage of the loss, and previous
experience of delays in settlement of indemnities. Lack of suitable insurance products and difficulty in
verifiability affects also affects its deepening. Further, fishers perceive insurance as an additional
expenditure, and are of the opinion that the community would take care of the loss to a certain extent. The
weather index-based insurance as in the case of crops is an alternative solution.
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Date 2024-06-07T22:20:09Z
2024-06-07T22:20:09Z
2023-09-27
 
Type Research Paper
 
Identifier Suresh, A. and Vijay Kiran (2023) Marine fisheries insurance in India: retrospect and prospects in the context of climate change. Agricultural Economics Research Review, 36(1):43-51.
Print ISSN : 0971-3441
Online ISSN : 0974-0279
http://krishi.icar.gov.in/jspui/handle/123456789/83353
 
Language English
 
Relation Not Available;
 
Publisher Agricultural Economics Research Association