Fishery experts recommends climate insurance for Indian fishermen

This could help mitigate risk following natural calamities.

Fishery experts in India are recommending climate insurance for Indian fisherfolk to help mitigate risk and costs of the negative impact of climate change.

Climate insurance, they said, could be an option for dealing with the risks following natural calamities, according to a report by the Times of India.

The idea was discussed at an international symposium on ‘Insulating Marine Fisheries Sector in South Asia from Uncertainties: Global Experiences with Insurance’ that was organised by the Bay of Bengal Programme Inter-governmental Organisation, the Central Marine Fisheries Research Institute, and TN Dr J Jayalalithaa Fisheries University in close collaboration with the World Bank.

The proposal called for the government to subsidise the premiums to make it more affordable for small-scale fishers and farmers. The experts were also eyeing a microinsurance framework that will be helpful due to the lack of existing linkages between large insurance companies and fishers.

Additionally, the experts conclude that technology solutions, including risk modelling and forecasting as well as legislative support would also be required to create the necessary incentives for buyers and sellers to consider the appropriate insurance products.

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