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Insights from the Crop Insurance Reform Act of 1994

Author

Listed:
  • H. Douglas Jose

    (102 H.C. Filley Hall, P.O. Box 830922, University of Nebraska, Lincoln, NE 68583-0922)

  • Ram S. K. Valluru

    (Agricultural Economics Department, University of Nebraska, Lincoln)

Abstract

A survey was conducted to study the factors affecting crop insurance purchase and coverage, to identify the sources of risk in farming, and to determine the impact of policy changes on risk management for designing new educational programs. The survey results show that the new 1994 crop insurance program has been effective in increasing the insured pool of farmers, though it has not yet gained wide acceptance among the farming communities in Nebraska. Risks associated with price uncertainties turned out to be very important in the opinion of farmers. Knowledge of farmers about the futures market influenced the selection of appropriate marketing tools and aid in managing price risks. The new crop insurance program has been effective in communicating to the farming community that future ad hoc disaster payments are unlikely. © 1997 John Wiley & Sons, Inc.

Suggested Citation

  • H. Douglas Jose & Ram S. K. Valluru, 1997. "Insights from the Crop Insurance Reform Act of 1994," Agribusiness, John Wiley & Sons, Ltd., vol. 13(6), pages 587-598.
    • Handle: RePEc:wly:agribz:v:13:y:1997:i:6:p:587-598
    DOI: 10.1002/(SICI)1520-6297(199711/12)13:6<587::AID-AGR4>3.0.CO;2-#
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    References listed on IDEAS

    as
    1. Steven C. Blank & Jeffrey McDonald, 1996. "Preferences for crop insurance when farmers are diversified," Agribusiness, John Wiley & Sons, Ltd., vol. 12(6), pages 583-592.
    2. Goodwin, Barry K., 1994. "Premium Rate Determination In The Federal Crop Insurance Program: What Do Averages Have To Say About Risk?," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 19(2), pages 1-14, December.
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    Cited by:

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    2. Cabas, Juan H. & Leiva, Akssell J. & Weersink, Alfons, 2008. "Modeling Exit and Entry of Farmers in a Crop Insurance Program," Agricultural and Resource Economics Review, Cambridge University Press, vol. 37(1), pages 92-105, April.
    3. Fabio G., Santeramo & Ilaria, Russo & Emilia, Lamonaca, 2022. "Italian subsidised crop insurance: what the role of policy changes," MPRA Paper 115299, University Library of Munich, Germany.
    4. Miles Grafton & Michael Manning, 2017. "Establishing a Risk Profile for New Zealand Pastoral Farms," Agriculture, MDPI, vol. 7(10), pages 1-12, September.
    5. Nguyen, Nam C. & Wegener, Malcolm K. & Russell, Iean W. & Cameron, Donald & Coventry, David & Cooper, Ian M., 2005. "Risk Management Strategies by Australian Farmers," 15th Congress, Campinas SP, Brazil, August 14-19, 2005 24295, International Farm Management Association.
    6. Malni Kumarathunga & Rodrigo N. Calheiros & Athula Ginige, 2022. "Smart Agricultural Futures Market: Blockchain Technology as a Trust Enabler between Smallholder Farmers and Buyers," Sustainability, MDPI, vol. 14(5), pages 1-20, March.
    7. Kirwan, Barrett E., 2017. "The Benefits of Crop Insurance," 2017 Annual Meeting, July 30-August 1, Chicago, Illinois 259162, Agricultural and Applied Economics Association.

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