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Economics Of Weather Index Based Insurance Analysis Of Smallholder Farmers Preferences And The Impact Of Insurance On Productivity In Kenya
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Book Synopsis Economics of Weather Index-based Insurance: Analysis of Smallholder Farmers' Preferences and the Impact of Insurance on Productivity in Kenya by : Kenneth Waluse Sibiko
Download or read book Economics of Weather Index-based Insurance: Analysis of Smallholder Farmers' Preferences and the Impact of Insurance on Productivity in Kenya written by Kenneth Waluse Sibiko and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Climatic risks are a major challenge for rural communities, especially those whose livelihoods directly depend on agriculture. Weather extremes affect crop productivity not only through the direct relationship between weather variables and yields, but also through the negative effects of such shocks on farmers' investment behavior. In particular, smallholder farmers are vulnerable partly because they are predominantly located in the tropics where exposure to climate variability is high, but also because they lack the resources and the capacity to properly cope with risks. Agricultural insur...
Book Synopsis Weather Index Insurance for Smallholder Farmers in Africa by : Ephias Makaudze
Download or read book Weather Index Insurance for Smallholder Farmers in Africa written by Ephias Makaudze and published by AFRICAN SUN MeDIA. This book was released on 2012-12-01 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: ÿThe international conference on ?Weather index insurance in Africa: lessons learnt and goals for the future? was organised by the Department of Economics, University of the Western Cape, in collaboration with its international partners. The conference attracted over 40 participants drawn from academic and research institutions, insurance practitioners, reinsurers, government policy makers, bankers, agricultural producers, and representatives of non-governmental organisations. The presenters highlighted experiences, challenges and opportunities based on current pilot projects on weather index insurance in many parts of Africa.
Book Synopsis Overcoming challenges to deliver agricultural weather-index insurance by : Erena, Getaneh
Download or read book Overcoming challenges to deliver agricultural weather-index insurance written by Erena, Getaneh and published by CTA. This book was released on 2019-04-30 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: This brief identifies and addresses key issues facing weather-index-based agricultural insurance. Drawing on diverse experiences from Africa and Central America, it zooms in on key challenges such as affordability, quality of weather data and models, raising awareness and trust in the benefits of insurance products and policy and regulatory frameworks. To have real impact, scale is the first requirement. Scaling strategies require reliable products, access to the rural areas, increased awareness about insurance and cost-effective delivery channels.
Book Synopsis Weather risks and insurance opportunities for the rural poor by : Ceballos, Francisco
Download or read book Weather risks and insurance opportunities for the rural poor written by Ceballos, Francisco and published by Intl Food Policy Res Inst. This book was released on 2014-05-04 with total page 4 pages. Available in PDF, EPUB and Kindle. Book excerpt: As climate variability gains prominence in the international policy agenda, public and private sectors alike are increasingly considering strategies to cope with its economic and social consequences. In turn, the general publicfaced with a growing number of extreme weather events and natural hazardsis beginning to demand concrete action. One sector where climate variability and its associated risk have the most damaging impact is the rural economy, in particular smallholder farmers. This brief outlines some of the adverse effects that climate variability has on the rural economy and describes how different insurance mechanisms can contribute to reducing vulnerability and increasing resilience to weather risks.
Book Synopsis Insure Or Unsure? The Role of Negative and Positive Basis Risk in Weather Index Insurance Uptake in Kenya by : Sam Vosper
Download or read book Insure Or Unsure? The Role of Negative and Positive Basis Risk in Weather Index Insurance Uptake in Kenya written by Sam Vosper and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Weather index insurance may help smallholder farmers in the developing world cope with environmental risks and shock-induced poverty traps. Despite this, adoption rates remain low. Basis risk--or the disconnect between observed outcomes and the index itself--is cited as a core contributor, unique to index insurance among other factors usually ascribed to low technology adoption. We examine a rainfall-based index insurance in Kenya and explore how its uptake relates to a measure of basis risk constructed from simple rainfall thresholds. This is the first attempt to estimate the elasticity of adoption not only to negative (type I error: no pay-out under low rain conditions) but also positive basis risk (type II error: pay-out under favourable conditions). We find notable levels of negative basis risk, with around 7% of farmers receiving no pay-out following 'drought-like' conditions in the insured period. We gauge the elasticity of georeferenced insurance demand to prior adoptions in the same area under various outcomes of pay-out and basis risk. Uptake is found to be positively related to localised prior outcomes when the product performs as 'expected', and negatively related to likely basis risk outcomes. Importantly, this result holds irrespective of the basis risk being negative or positive. The latter finding is the main contribution of this paper: it suggests that the effect is driven by updated reliability expectations, rather than income effects. We take this as evidence to support the theoretical notion that smallholders consider weather insurance products as risk protection mechanisms, rather than risky bets. In the eyes of those seeking to insure, positive and negative basis risk do not cancel each other out, rather compounding a distaste for the (non-performing) insurance product.
Book Synopsis Government Support to Agricultural Insurance by : Olivier Mahul
Download or read book Government Support to Agricultural Insurance written by Olivier Mahul and published by World Bank Publications. This book was released on 2010-03-08 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governments in developing countries have been increasingly involved in the support of agricultural (crop and livestock) insurance programs in recent years. In their attempts to design and implement agricultural insurance, they have sought technical and financial assistance from the international community and particularly from the World Bank. One of the recurrent requests from governments regards international experience with agricultural insurance, not only in developed countries, where in some cases agricultural insurance has been offered for more than a century, but also in middleand low-income countries. Governments are particularly interested in the technical, operational, financial, and institutional aspects of public support to agricultural insurance. 'Government Support to Agricultural Insurance' informs public and private decision makers involved in agricultural insurance about recent developments, with a particular focus on middle- and low-income countries. It presents an updated picture of the spectrum of institutional frameworks and experiences with agricultural insurance, ranging from countries in which the public sector provides no support to those in which governments heavily subsidize agricultural insurance. This analysis is based on a survey conducted by the World Bank s agricultural insurance team in 2008 in 65 developed and developing countries. Drawing on the survey results, the book identifies some key roles governments can play to support the development of sustainable, affordable, and cost-effective agricultural insurance programs.
Book Synopsis Weather Index Insurance for Smallholder Farmers in Africa by : Ephias Makaudze
Download or read book Weather Index Insurance for Smallholder Farmers in Africa written by Ephias Makaudze and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Barriers to micro-insurance outreach for pastoralists and crop farmers in rural areas in Kenya by : Benard Kilel
Download or read book Barriers to micro-insurance outreach for pastoralists and crop farmers in rural areas in Kenya written by Benard Kilel and published by diplom.de. This book was released on 2018-06-26 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: Micro insurance in Kenya is still undeveloped compared to micro credit and micro savings due to the fact that it offers no immediate benefits to the insured. Insurance companies in Kenya have been taking long to compensate their clients in the case of any peril and therefore insurance is seen as a way of stealing the money from the citizens. This study has looked into ways of making micro insurance locally available to both large and small scale crop farmers. It has gone a step further to investigate ways of merging up micro insurance and micro credit by using insurance as collateral to acquire loan. It was realized that there is a possibility of selling an insurance contract to a buyer of produce whereby the farmer can later pay the premium after the harvest of the produce. Moreover, there is a possibility of the harvest being used as collateral when it is in the warehouse of the Kenya National and Cereals Produce Board (NCPB). This increases the creditworthiness of the otherwise not qualifying-for-credit farmer as well as the produce being stored waiting to hit the market highs in order to be sold for profit. To make use of the technology, this paper calls for the development of a mobile application that will enable farmers access information in real time on their mobile phones and thereby being able act accordingly.
Book Synopsis The Economic Impact of Climate Change on Kenyan Crop Agriculture: A Ricardian Approach by : Jane Kabubo-Mariara
Download or read book The Economic Impact of Climate Change on Kenyan Crop Agriculture: A Ricardian Approach written by Jane Kabubo-Mariara and published by World Bank Publications. This book was released on 2007 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This paper measures the economic impact of climate on crops in Kenya. The analysis is based on cross-sectional climate, hydrological, soil, and household level data for a sample of 816 households, and uses a seasonal Ricardian model. Estimated marginal impacts of climate variables suggest that global warming is harmful for agricultural productivity and that changes in temperature are much more important than changes in precipitation. This result is confirmed by the predicted impact of various climate change scenarios on agriculture. The results further confirm that the temperature component of global warming is much more important than precipitation. The authors analyze farmers' perceptions of climate variations and their adaptation to these, and also constraints on adaptation mechanisms. The results suggest that farmers in Kenya are aware of short-term climate change, that most of them have noticed an increase in temperatures, and that some have taken adaptive measures.
Book Synopsis The Economic Impact of Climate Change on Kenyan Crop Agriculture by : Fredrick K. Karanja
Download or read book The Economic Impact of Climate Change on Kenyan Crop Agriculture written by Fredrick K. Karanja and published by . This book was released on 2016 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper measures the economic impact of climate on crops in Kenya. The analysis is based on cross-sectional climate, hydrological, soil, and household level data for a sample of 816 households, and uses a seasonal Ricardian model. Estimated marginal impacts of climate variables suggest that global warming is harmful for agricultural productivity and that changes in temperature are much more important than changes in precipitation. This result is confirmed by the predicted impact of various climate change scenarios on agriculture. The results further confirm that the temperature component of global warming is much more important than precipitation. The authors analyze farmers' perceptions of climate variations and their adaptation to these, and also constraints on adaptation mechanisms. The results suggest that farmers in Kenya are aware of short-term climate change, that most of them have noticed an increase in temperatures, and that some have taken adaptive measures.
Book Synopsis Kilmo Salama - Index-based Agriculture Insurance by :
Download or read book Kilmo Salama - Index-based Agriculture Insurance written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Impact of Formal Climate Risk Transfer Mechanisms on Risk-aversion by : Kaleab K. Haile
Download or read book Impact of Formal Climate Risk Transfer Mechanisms on Risk-aversion written by Kaleab K. Haile and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the effect of smallholder farmers' access to a formal climate risk transfer mechanism on their risk preferences. Survey and experimental data were collected from smallholder farmers that have access to weather index-based crop insurance (WICI) in Ethiopia. We use an endogenous switching (ESP) model to address self-selection and simultaneity bias. Results from the ESP model show that farmers who purchased WICI are less likely to be riskaverse compared with non-purchaser farmers. Similarly, non-purchasers would have attained a significant reduction in their risk-aversion if they had taken up the insurance product. We also find that WICI has a positive and statistically significant effect on farmers' real-life risk-taking behavior as exemplified by mineral fertilizer use. The implication of our findings is that formal climate risk transfer mechanisms can positively influence households' economic decisions and outcomes, through reducing risk aversion. Therefore, they can possibly contribute to poverty alleviation and economic development within agrarian economies that are exposed to recurrent and severe climate shocks.
Book Synopsis Shock Waves by : Stephane Hallegatte
Download or read book Shock Waves written by Stephane Hallegatte and published by World Bank Publications. This book was released on 2015-11-23 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ending poverty and stabilizing climate change will be two unprecedented global achievements and two major steps toward sustainable development. But the two objectives cannot be considered in isolation: they need to be jointly tackled through an integrated strategy. This report brings together those two objectives and explores how they can more easily be achieved if considered together. It examines the potential impact of climate change and climate policies on poverty reduction. It also provides guidance on how to create a “win-win†? situation so that climate change policies contribute to poverty reduction and poverty-reduction policies contribute to climate change mitigation and resilience building. The key finding of the report is that climate change represents a significant obstacle to the sustained eradication of poverty, but future impacts on poverty are determined by policy choices: rapid, inclusive, and climate-informed development can prevent most short-term impacts whereas immediate pro-poor, emissions-reduction policies can drastically limit long-term ones.
Book Synopsis Weather Index Insurance in Sub-Saharan Africa by : Ernst Juerg Weber
Download or read book Weather Index Insurance in Sub-Saharan Africa written by Ernst Juerg Weber and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Bundling Weather Index Insurance with Microfinance by : Dorcas Stella Shumba
Download or read book Bundling Weather Index Insurance with Microfinance written by Dorcas Stella Shumba and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Food production in sub-Saharan Africa (SSA) is exposed to climatic variations and weather-related shocks which affect agricultural output beyond the manageable limits of smallholder farmers. To manage food production uncertainties, weather index insurance (WII) pilot projects have been launched across SSA since the early 2000s. Due to low adoption rates among smallholder farmers, insurance providers have partnered with risk aggregators such as microfinance institutions to foster the demand for and uptake of WII. Despite this, demand for WWI remains low. This chapter seeks to explore the gap between the assertion, that WII is a promising risk transfer mechanism for smallholder farmers in SSA and the realisation that, even where microfinance is made available, subscription rates among smallholder farmers rarely rise. The practice of linking insurance with credit is considered to be important because, in principle, when smallholder farmers have access to insurance, they pose less risk to creditors. In this sense, insurance can crowd-in credit, the lack of which has long been identified as a major, if not the main, constraint for smallholders in developing countries.
Book Synopsis Three Essays on Complex Contractual Networks of Farmers by : Min Su Jun
Download or read book Three Essays on Complex Contractual Networks of Farmers written by Min Su Jun and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In Essay 1, I examine the effects of systemic weather shocks on agricultural producers, agricultural lenders, and rural communities in the northern Malawi and the potential benefits of using weather index insurance as a catastrophic risk management tool. To this end, I develop an agent-based model (ABM) of a hypothetical rural community and the model is calibrated to study the northern Malawi area. I simulate the system-wide impacts of catastrophic weather events and how weather index insurance can be used to mitigate adverse impacts of these events. The model generates results that are consistent with the theoretical and empirical findings that have been published to date on the impacts of weather index insurance when used to support agricultural credit. My simulations also generate novel findings regarding the system-wide impacts of catastrophic weather shocks and the potential benefits of index insurance. In particular, I find that if financial institutions purchase index insurance, they will be able to supply significant extra credit only when the area faces a similar or more severe drought that occurs one in fifty years according to the historical record. In Essay 2, I examine the potential benefits of index insurance by answering more detailed questions. The first question addressed is whether financial institutions have economic motivation to supply additional credit to households if they insure their portfolios using weather index insurance. I find that financial institutions can expect higher profits when utilizing indemnities to supply additional credit than when just holding them. The second question addressed is whether insurance can increase financial inclusion of marginal smallholder households. Specifically, I test whether insuring loan portfolios against weather catastrophes can promote reduction of interest rates offered by banks to smallholder farmers. I find that meso-index insurance could promote reduction of the interest rates for the borrower classes that have the lowest credit rating. Lastly, I test whether a counter-cyclical capital requirement can boost the systemic benefits of meso-index insurance. Due to the pressure on credit supply from the capital requirement and the higher interest rates needed to cover insurance premiums, synergies between insurance and counter-cyclic capital requirement policies do not appear to exist. In Essay 3, I estimate oligopolistic power of major U.S. grain companies which might originate from their oligopsonistic positions to farmers. By extending the linear-quadratic model developed by Karp and Perloff (1989, 1993a, 1993b), the market conduct parameter is estimated in the open loop and the feedback equilibria. In the grain-processing sector, firms’ oligopoly power originates from the oligopolistic power exerted by firms over farmers. Thus, unlike the existing literature, an output quantity is expressed with the input (grain) quantity variable under assumption of CRS production technology. Each firm’s share of storage capacity is taken as a proxy of the firm’s input procurement. Although my result reject the hypothesis of perfect collusion, the do not reject the hypotheses of price taking behavior and the existence of a Nash-Cournot equilibrium.
Book Synopsis Basis Risk, Uptake and Impacts of Index Based Livestock Insurance in Northern Kenya by : Nathaniel Duane Jensen
Download or read book Basis Risk, Uptake and Impacts of Index Based Livestock Insurance in Northern Kenya written by Nathaniel Duane Jensen and published by . This book was released on 2014 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: Index insurance is a promising tool for fighting poverty where households face climactic uncertainty and incomplete financial markets. Although index insurance products avoid many of the costs that prohibit supply of conventional loss-indemnifying insurance for small holders in developing countries, index products expose insured households to basis risk because they can only insure covariate losses and indices are inevitably imperfect. Until now, no empirical study has examined the magnitude of basis risk in the context of the developing world. Nor have direct estimates of basis risk been included in demand analyses. Furthermore, the impacts of index based insurance on household welfare have been unknown. This dissertation looks closely at basis risk, demand, and impacts of index insurance. The Index Based Livestock Insurance (IBLI) product, available to pastoralists in northern Kenya since 2010, provides an ideal setting for such an analysis. The IBLI index was constructed using methods explicitly designed to minimize basis risk and implementation included an in-depth longitudinal household survey. The first paper finds that basis risk is substantial due to the high degree of variability between households and inaccuracies in the index. Although the existence of design risk is expected, the great deal of idiosyncratic risk is surprising in a region where large covariate droughts are known to be the major cause of livestock mortality. The second paper finds that product-related factors are at least as important as demographic and financial related characteristics in determining demand for IBLI. Both idiosyncratic risk and households' observed design risk play a large role in determining demand. In addition, a simplified premium schedule generated significant spatiotemporal adverse selection. The third paper finds that IBLI coverage reduces precautionary savings held in livestock and increases investments in productivity through mobility and livestock veterinary services. These adjustments to production strategies are associated with increases in income from milk and income per adult equivalent. When compared to the costs and impacts of the Hunger Safety Net Program, an ongoing cash transfer program in the same region, IBLI performs quite well and may become even more cost effective as the initial costs are spread across more clients.
