Agricultural insurance and risk management among poultry farmers in Ghana: An application of discrete choice experiment

Bannor, Richard Kwasi; Oppong-Kyeremeh, Helena; Amfo, Bismark; Kuwornu, John K.M.; Kyire, Samuel Kwabena Chaa; Amponsah, Josephine

doi:10.1016/j.jafr.2022.100492

Cited by 10 publications

(10 citation statements)

References 49 publications

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“…Insurance adoption positively impacted livestock income in one study (Subedi & Kattel, 2022). The level of coverage and duration of premium payments positively influenced the desire of poultry producers in Ghana to enroll in agricultural insurance (Bannor et al, 2023). In one study, premium rate knowledge, crop insurance knowledge, and scale of farming negatively impacted crop insurance (Musonda, 2012).…”

Section: Insurance-related Factorsmentioning

confidence: 99%

“…Awareness had negative impact on the adoption of insurance in two studies (Koirala & Bhandari, 2018;Mbonane & Makhura, 2018) while positive impact on WTP for insurance in 11 studies (Dahal et al, 2022;Danso-Abbeam et al, 2014;Devkota et al, 2020;Dong et al, 2020;Ellis, 2016;Jimoh Ibitoye, 2012;Mensah et al, 2023;Nyaaba et al, 2019;O'Reilly et al, 2018;Oduniyi et al, 2020). The price, premium, or amount paid detrimentally affected the willingness to pay (WTP) for insurance (Bannor et al, 2023;Liu et al, 2021;Singh, 2017;Suharyanto et al, 2021).…”

Section: Insurance-related Factorsmentioning

confidence: 99%

“…Research conducted by Adjabui et al (2019) has demonstrated that the attitude score has a favorable impact on farmers' inclination to support crop insurance financially. According to Bannor et al (2023) concluded that the inclusion of risk coverage had a favorable influence on individuals' inclination to engage in agricultural insurance. Conversely, in another study by Nugrahaini et al (2021), it was observed that risk had an adverse effect on individuals' desire to pay for livestock insurance.…”

Section: Psychological and Attitudinal Factorsmentioning

confidence: 99%

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Factors Affecting Farmers’ Willingness to Pay for Agricultural Insurance: A Literature Survey (2004-2023)

Kousar,

Ahmad,

Abbas

et al. 2023

iRASD J. Eco.

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Agriculture is a critical component of many economies, and the livelihood of farmers is often highly dependent on their ability to manage crop and livestock production risks. This study provides a comprehensive synthesis of the existing literature, shedding light on the intricate dynamics shaping farmers' decisions to invest in agricultural insurance. Based on the literature survey made for 54 relevant research studies (conducted between 2004 and 2023), this study presents an extensive review of research on factors affecting farmers' willingness to pay for livestock insurance. The study aggregates and analyzes findings from many sources, offering valuable insights for policymakers, insurance providers, and researchers. The study's findings inform the design of targeted interventions and awareness campaigns to enhance the financial protection of farmers, ensuring their stability in the face of economic and climatic uncertainties. In this way, the findings are significant in the context of global agricultural resilience and food security.

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Section: Insurance-related Factorsmentioning

confidence: 99%

Section: Insurance-related Factorsmentioning

confidence: 99%

Section: Psychological and Attitudinal Factorsmentioning

confidence: 99%

See 1 more Smart Citation

Factors Affecting Farmers’ Willingness to Pay for Agricultural Insurance: A Literature Survey (2004-2023)

Kousar,

Ahmad,

Abbas

et al. 2023

iRASD J. Eco.

View full text Add to dashboard Cite

show abstract

“…Meanwhile, farm risk management is a combined approach (be it formal or informal), depending upon the availability of agricultural produces, and core constraints within an agricultural production circle. Constraints to agricultural production are primarily high in low-income countries with restricted financial activities, unevolved infrastructure, and absence of regulation and market access (An et al, 2023;Ankrah et al, 2021). Therefore, understanding farmers' perceptions of and attitude toward risks and coping plans is vital in farmers' behavioural pattern (Huet, Adam, Giller, & Descheemeaker, 2020;Sayavong, 2016), as this will aid in determining their capacities to deal with uncertainties (Hohl, 2019).…”

Section: Introductionmentioning

confidence: 99%

Assessing Farmers’ Behavioural Metrics, Participatory Influences, and Demand-side Barriers of Agricultural Insurance in South-West, Nigeria

NWANKWO,

AJEMUNIGBOHUN

2023

gijmss

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Agriculture is critical to economic prosperity of Nigeria and to a large extent, the economic wellbeing of Africa. However, this paper evaluated the judgments of farmers regarding agricultural insurance on the basis of their behavioural metrics, participatory influences, and demand-side barriers in Nigeria. The study employed descriptive cross- sectional design coupled with survey approach. A structured questionnaire was developed in Google form and posted electronically via the WhatsApp created to which registered farmers were added. This study, therefore, captured the thoughts, experiences, and observations of the selected farmers in Nigeria. This study found that farmers’ desires and patronage toward agricultural insurance policies had been positively initiated in terms of awareness, knowledge, and preference for agricultural insurance, while negatively affected in terms of their experiences. Thus, while the farmers’ genders are unimportant, farmers’ family sizes, and farmers’ ages were both slightly important, farmers’ formal education and experiences were considered moderate influencers, access to credit and insurance experts showed the highest probability of importance to farmers’ participations in agricultural insurance. Conclusively, the unavailability of government subsidies to farmers affirmed strongly that 68.8 percent stand out as the greatest barrier to demand for agricultural insurance. This study suggests that tailored-made agricultural insurance policies which embed access to low interest credit facilities from agricultural bank be designed to boost farmers’ economics of scale in Nigeria.

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“…Similarly, adequate financing, access to credit, and government support are crucial for risk mitigation, and the sector's growth. Farmers' willingness to adopt insurance depends on factors such as premium prices (Nelson and Loehman, 1987;Battese and Coelli, 1995;Awotide, 2007;Farayola et al, 2013;Adeyonu, 2016;Ali et al, 2021;Maganga et al, 2021;Bannor et al, 2023).…”

Section: Introductionmentioning

confidence: 99%

Sustainability of poultry egg output and efficiency: a risk-mitigating perspective

Ayojimi

Bamiro

Otunaiya

et al. 2023

Front. Sustain. Food Syst.

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IntroductionAgricultural insurance is crucial to reducing financial exposures and vulnerabilities, and managing the production risks of poultry farmers while also reducing hunger levels. Unfortunately, it has not been effective in developing countries, like Nigeria.MethodsThis study examined the outcome of agricultural insurance use on poultry egg output and efficiency in Oyo State, Nigeria. The multistage sampling technique was adopted to select 120 and 152 insured and uninsured poultry egg farmers, respectively. The data gathered, using a well-designed questionnaire, was analyzed by descriptive statistics, a logistic regression model, and a Stochastic Production Frontier.Results and DiscussionResults showed that the majority (about 74% and 77%) of uninsured and insured poultry egg farmers, respectively, were small-scale farmers who operated on low capital investment, making it difficult to take insurance policy. Educational level, farming size, access to credit facilities, previous mortality rate, sales challenges, and net farm income were significant variables affecting the level of use of insurance. The result of the stochastic production frontier showed that the use of insurance is not statistically significant to the poultry egg farmers’ production inefficiency. This study highlights the importance of formulating policies that promote private sector involvement, ensure prompt indemnity payment, and encourage uninsured farmers to adopt insurance policies, ultimately aiding affected farmers, improving production scale, and mitigating farm risks.

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Agricultural insurance and risk management among poultry farmers in Ghana: An application of discrete choice experiment

Cited by 10 publications

References 49 publications

Factors Affecting Farmers’ Willingness to Pay for Agricultural Insurance: A Literature Survey (2004-2023)

Factors Affecting Farmers’ Willingness to Pay for Agricultural Insurance: A Literature Survey (2004-2023)

Assessing Farmers’ Behavioural Metrics, Participatory Influences, and Demand-side Barriers of Agricultural Insurance in South-West, Nigeria

Sustainability of poultry egg output and efficiency: a risk-mitigating perspective

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