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An insight on farmers’ willingness to pay for insurance premium in South India: hindrances and challenges

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Title An insight on farmers’ willingness to pay for insurance premium in South India: hindrances and challenges
 
Creator Krishna Reddy, Kakumanu
 
Contributor Palanisami, Kuppannan
Reddy, Kotapati Gurava
Ashok, Babar
Sekhar Nagothu, Udaya
Xenarios, Stefanos
Tirupataiah, Kota
 
Subject weather-based crop insurance scheme
agriculture insurance
double bounded dichotomous model
 
Description Farmers are vulnerable to substantial weather risks in many parts of the country. In recent years, weather-based crop insurance has been promoted in India for rain-fed crops to provide insurance against risks and losses in crop yields resulting from adverse weather. Farmers, in general, are not aware of the details of weather-based crop insurance policies and the premium calculations. This study focuses on farmers’ preferences towards the weather insurance of paddy crop, one of the major irrigated crops in India and highly vulnerable to extreme weather. We analyse the mean willingness to pay for weather-based crop insurance using the double bounded dichotomous model of contingent valuation method. Farmers’ willingness to pay was about 2.5 % of gross income with the condition of timely payout for crop losses, creating awareness of the compensation packages and simple documentation. The insurance premium can also be referred to as a risk-adjusted management input in agricultural production.
 
Date 2012-05-03
2017-01-05T19:31:53Z
2017-01-05T19:31:53Z
 
Type Report
 
Identifier https://mel.cgiar.org/reporting/download/hash/b1VpGIkF
Kakumanu Krishna Reddy, Kuppannan Palanisami, Kotapati Gurava Reddy, Babar Ashok, Udaya Sekhar Nagothu, Stefanos Xenarios, Kota Tirupataiah. (3/5/2012). An insight on farmers’ willingness to pay for insurance premium in South India: hindrances and challenges. Rome, Italy: European Commission.
https://hdl.handle.net/20.500.11766/5157
Open access
 
Language en
 
Rights CC-BY-NC-4.0
 
Format PDF
 
Publisher European Commission