World Review of Capture Fisheries and Aquaculture 2022

Recently, the ‘World Review of Capture Fisheries and Aquaculture 2022’ was released by the Food and Agriculture Organization (FAO) which provides data on Insurance coverage for fisheries and aquaculture. The report represents the five regional and four national reports conducted in 2020. The five regional reports are from Asia, Africa, Europe, Latin America and Oceania. The four national reports are from USA, China, India and Russia.

The report recommended that public and private insurance service providers work together to take proactive measures to help India's fisheries and aquaculture insurance market recover.

To improve the sector's overall competitiveness and efficiency in the fisheries industry, the insurance service providers should be encouraged to participate in the delivery of insurance services.

The report also signifies that when occupational hazards to fishers' and fish farmers' lives and property are on the rise as a result of more frequent extreme weather events in recent years.

The report also suggested that bundling disaster risk insurance packages with existing micro-credit schemes could be a viable option, given the strong network of micro-finance institutions and self-help groups in coastal areas.

One of the reasons for the low adoption of fishing vessels and asset insurance in the coastal region is the prohibitive cost of the policies currently available.

   Important points for the exam:

• The ‘World Review of Capture Fisheries and Aquaculture 2022’ was released by the Food and Agriculture Organization (FAO).
• To help India's fisheries and aquaculture insurance market recover, the report suggests that, the public and private insurance service providers in the country should work together.
• Fishing vessels, coastal immovable property and aquaculture units have abysmal insurance coverage.
• The report also signifies that when occupational hazards to fishers' and fish farmers' lives and property are on the rise as a result of more frequent extreme weather events in recent years.

    Facts to know:

• The food and Agriculture Organization (FAO) was established in 1945.
• Headquarters of FAO: Rome, Italy.
• The objective of FAO: To achieve food and security for all to lead healthy lives.