Bangladesh Proposes First-Ever Fisheries Insurance Scheme in Budget 2026-27

Bangladesh has unveiled plans to launch its first-ever fisheries insurance scheme as part of the proposed Budget 2026-27, aiming to protect fish farmers from production risks while strengthening one of the country's most important economic sectors.

Presenting the national budget in parliament, Finance Minister Amir Khosru Mahmud Chowdhury announced a series of initiatives designed to modernise the fisheries and livestock industries, which the government has identified as national priority sectors.
 

According to the finance minister, the proposed fisheries insurance programme will provide a financial safety net for fish farmers who often face significant losses due to disease outbreaks, natural disasters, climate-related challenges and other unforeseen circumstances. The initiative marks the first time Bangladesh has sought to introduce an insurance mechanism specifically tailored to the fisheries sector.
 

Alongside the insurance scheme, the government plans to accelerate mechanisation in commercial fish farming operations to improve productivity and efficiency. Authorities also intend to ensure the production and supply of safe and quality feed for fish and poultry farms to enhance food safety standards and strengthen the overall value chain.
 

As part of its broader commitment to supporting vulnerable communities, the government reaffirmed its pledge to safeguard the rights of genuine fishermen and farmers through the implementation of the "The Waterbody Belongs to Those Who Fish" principle. Under this approach, water bodies, coastal canals and haor regions will gradually be opened to local fishing communities and economically disadvantaged groups.
 

The finance minister also announced that approximately 1.5 million fishing families will be brought under the Vulnerable Group Feeding (VGF) programme, expanding social protection coverage for households dependent on fishing for their livelihoods.
 

In the livestock sector, authorities have proposed a range of measures aimed at ensuring fair prices for farmers. These include subsidies, easier access to loans, insurance coverage and improved marketing facilities for livestock producers. Farmers engaged in these sectors have already been incorporated into the government's "Farmer Card" initiative, enabling them to access various support services more efficiently.

Looking ahead, the government has set an ambitious fisheries production target of 5.635 million metric tonnes for the 2026-27 fiscal year. Officials also outlined a long-term strategy centred on the blue economy, with a goal of increasing Bangladesh's fish export earnings to $1 billion by 2030.

The fisheries sector remains a vital contributor to Bangladesh's economy, generating employment for millions of people and playing a critical role in ensuring food security. Analysts believe that if effectively implemented, the proposed insurance scheme and accompanying reforms could significantly improve resilience among fish farmers while encouraging sustainable growth across the sector.
 

The proposals form part of the government's broader Tk9.38 trillion budget for the upcoming fiscal year, which places increased emphasis on social protection, productivity enhancement and inclusive economic development.