ICAR-CIBA signed a Memorandum of Understanding (MoU) with M/s. Digisafe Insurance Broking Pvt Ltd. and M/s. Swatantra Technologies Pvt Ltd. on 22nd April 2024 for collaboratively developing an innovative and comprehensive aquaculture insurance product. The collaboration between ICAR-CIBA, M/s. Digisafe Insurance Broking Pvt Ltd, and M/s. Swatantra Technologies Pvt Ltd, aims to address the gap in aquaculture crop insurance coverage in India through research and development, leveraging expertise in aquaculture science, insurance distribution, and risk modelling to create a comprehensive aquaculture insurance product.
Dr. P.K. Patil, Principal Scientist and Officer-In-Charge, Institute Technology Management (ITMU)-ABI Unit of CIBA welcomed the guests Mr. Siddhesh Ramasubramanian and Mr. Suman Roy Choudhury, M/s. Digisafe Insurance Broking Pvt Ltd., and Mr. Shivakhumar, M/s. Swatantra Technologies Pvt Ltd, Scientists and staff of ICAR-CIBA.
Dr. Kuldeep K. Lal, Director, ICAR-CIBA highlighted the genesis and growth of shrimp crop insurance in India and stated that the MoU sets clear timelines for product development phases, with a focus on addressing climate, production, and disease risks in a phased approach. He further stated that the MoU sets the foundation for a dynamic partnership to address critical challenges in the aquaculture sector through innovative insurance solutions.
Dr. T. Ravisankar, Principal Scientist and Scientist in Charge of the Social Science Division (SSD) stated about the efforts of ICAR-CIBA and National Fisheries Development Board (NFDB) towards implementation of aquaculture crop insurance under Pradhan Mantri Matsya Sampada Yojana (PMMSY). He also expressed his gratitude to M/s. Digisafe Insurance Broking Pvt Ltd and M/s. Swatantra Technologies Pvt Ltd for their strong interest in developing the aquaculture crop insurance product.
Representatives from M/s. Digisafe Insurance Broking Pvt Ltd and M/s.Swatantra Technologies Pvt Ltd expressed gratitude to ICAR-CIBA for signing the MoU to develop an innovative aquaculture insurance project. The event was organized by the Institute Technology Management Unit (ITMU) CIBA, and Dr. P.K. Patil, Principal Scientist expressed the Vote of Thanks.
