STATUS OF INSURANCE IN THE FISHERIES SECTOR OF INDIA

Indias fisheries sector has grown rapidly during the last six decades. Risks associated with capture fisheries include trawler damage or destruction, equipment and gear failure, catch loss, and maritime casualties. With the exception of a few tiny local public sector insurers and cooperatives, neither the federal nor state governments have paid attention to this industry. Since the Insurance Regulation and Development Authority liberalised the insurance industry, about 35 private enterprises have been registered (IRDA). A range of obstacles and concerns usually arise as a result of the adoption of fisheries insurance. Combined with governance reforms, technology has the potential to significantly improve efficiency, transparency, and moral hazard in fisheries insurance.