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Willingness to Pay for Crop Insurance Premium-A Study on Maize Farmers in India

Author

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  • Kiran, Shashi
  • Umesh, K.B.

Abstract

Agricultural activity is subject to a wide range of risks due to the variable economic and biophysical environment in which farming operates. Agriculture risks arise due to uncertainty over factors determining returns to agricultural production. Crop insurance is one of the risk mitigating strategies for farmers. The objective of the study was to estimate WTP by the rainfed maize farmres to crop insurance premium and also factors influencing their WTP. The study revealed that farmers were willing to pay 0.34 percent more premium than the prevailing rate to insure their crop. The average probability of WTP of farmers for crop insurance premium was 0.53. Age was the important factor influencing their WTP. It was observed that farmers' awareness about the products and procedures of crop insurance was poor. Hence, efforts should be made to increase the awareness and help farmers to take advantage of crop insurance.

Suggested Citation

  • Kiran, Shashi & Umesh, K.B., 2015. "Willingness to Pay for Crop Insurance Premium-A Study on Maize Farmers in India," 2015 Conference, August 9-14, 2015, Milan, Italy 210867, International Association of Agricultural Economists.
    • Handle: RePEc:ags:iaae15:210867
    DOI: 10.22004/ag.econ.210867
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    Cited by:

    1. Aditya, K.S. & Kishore, Avinash & Khan, Tajuddin, 2020. "Exploring farmers’ willingness to pay for crop insurance products: A case of weather-based crop insurance in Punjab India," Agricultural Economics Research Review, Agricultural Economics Research Association (India), vol. 33(2), December.
    2. Mbonane, Nobuhle Duduzile, 2018. "An analysis of farmers’ preferences for crop insurance: a case of maize farmers in Swaziland," Research Theses 334771, Collaborative Masters Program in Agricultural and Applied Economics.
    3. K.S. , A. & Khan, T. & Kishore, A., 2018. "Willingness to pay for Weather Based Crop Insurance in Punjab," 2018 Conference, July 28-August 2, 2018, Vancouver, British Columbia 277516, International Association of Agricultural Economists.

    More about this item

    Keywords

    Agricultural Finance; Crop Production/Industries;

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