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Agricultural Economics Research Review
Year : 2022, Volume : 35, Issue : 1
First page : ( 115) Last page : ( 122)
Print ISSN : 0971-3441. Online ISSN : 0974-0279.
Article DOI : 10.5958/0974-0279.2022.00010.6

Paddy farmers in Kerala are willing to pay more for a modified crop insurance product

Anirudh K C1,*, Aditya K S2, Padmaja Subash Surendran3, Kuruvila Anil1

1Department of Agricultural Economics, Kerala Agricultural University, Vellanikkara, Thrissur680656, Kerala, India

2Division of Agricultural Economics, ICAR-Indian Agricultural Research Institute, New Delhi110012, India

3ICAR-National Institute of Agricultural Economics and Policy Research (NIAP), New Delhi110012, India

*Corresponding author: anirudh.jrm@gmail.com

Online Published on 06 October, 2022.

Abstract

We study paddy farmers in Kerala and analyse the factors affecting their willingness to pay for crop insurance and for a hypothetical crop insurance product. The farmers are willing to pay higher premium rates if claims are settled based on the procurement price, instead of cultivation cost, and promptly; and individual losses are accounted for. A farmer's willingness to pay more is influenced positively by their landholding size and negatively by age. Infrastructural support, and efficient implementation, will help to resolve the design--reality gaps in insurance schemes. Designing popular schemes will reduce the subsidy burden on the public exchequer.

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Keywords

Willingness to pay, Crop insurance, Contingent valuation, Dichotomous choice method.

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