Shrimp Crop Insurance Scheme Sees the Light of the Day: Policy Developed with ICAR-CIBA Technical Backstopping Launched on World Fisheries Day - 2022

ICAR-CIBA has been consistently taking concerted efforts for the reintroduction of shrimp crop insurance for the benefit of shrimp farmers. The Institute provided technical support through a MoU with Alliance Insurance brokers for the public sector insurance company, Oriental Insurance Co. Ltd, New Delhi. Oriental’s old shrimp crop insurance policy was discontinued after the viral diseases fiasco and large number of claims from insured farmers in 1995-1996.

On the World Fisheries Day, which was celebrated on 21st November 2022, Oriental Insurance Company launched their new insurance product for shrimp farming at Tamil Nadu Dr. Jayalalitha Fisheries University (TNJFU) Campus, Nagapattinam. The product was released by Dr. A. Arun Thamburaj, IAS, District Collector, Nagapattinam in the presence of Dr. G. Sugumar, Vice Chancellor, TNJFU; Shri. O.S. Manian, Member of Tamil Nadu Legislative Assembly. Mr. N. Gowthaman, Chairman, Tamil Nadu Fisheries Development Corporation (TNFDC); Dr. Balasundari, Dean, Dr. MGR Fisheries College & Research Institute, Thalainayeru and other University Officials. About 132 shrimp farmers participated and interacted with the team of insurance officials from Oriental Insurance and Alliance Insurance brokers.

Dr. T. Ravisankar, Nodal Scientist of the programme from ICAR-CIBA, interacted with the stakeholders about shrimp insurance scheme on premium rates, cover duration, extent of coverage and exclusion clauses. Farmers’ suggestions and further requirements needed to make the product more farmers friendly were taken note of. Dr. N. Felix, Registrar, TNJFU proposed the Vote of Thanks.

Source:https://icar.org.in/