FARMERS WILLINGNESS TO PURCHASE CROP INSURANCE: EVIDENCE FROM WHEAT AND RASPBERRY SECTORS IN SERBIA
DOI:
https://doi.org/10.5937/ekoPolj1904107SKeywords:
yield insurance, revenue insurance, perceived risk, sustainability, discrete choiceAbstract
Crop insurance is widely acknowledged to be a valuable instrument contributing to sustainability of agriculture by reducing the risks associated with crop production and by stabilizing farmers income. Despite the importance of the agricultural sector for the Serbian economy, level of crop insurance development is low. Therefore, there is a need to identify which characteristics most affect a farmers decision regarding whether or not to use this type of insurance. In this study, a sample of 255 farmers producing wheat and raspberry in the regions of Vojvodina and Sumadija and Western Serbia were interviewed using structured questionnaire. The collected data was analyzed using the binomial logistic regression to ascertain the effects of selected socio-economic and risk perception variables on the likelihood that farmer plans to purchase crop insurance. Farmers willingness to purchase crop insurance was found to be significantly influenced by age, farm size, income and perceived level of risk.
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References
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27. Mbonane, N. D., Makhura, M. N. (2018). Factors influencing maize farmers interest in crop insurance in Swaziland. SA-TIED Working paper 15, Washington, D. C.: International Food Policy Research Institute.
28. Midi, H., Sarkar, S., & Rana, S. (2013). Collinearity diagnostics of binary logistic regression model. Journal of Interdisciplinary Mathematics, 13(3), 253-267, DOI: 10.1080/09720502.2010.10700699
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41. Sherrick, B. J., Peter J. B., Ellinger, P. N., & Schnitkey, G. D. (2004). Factors Influencing Farmers Crop Insurance Decisions. American Journal of Agricultural Economics, 86(1), 103–114, DOI: https://doi.org/10.1111/j.0092-5853.2004.00565.x
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46. Stojanović, Ž., Popović Petrović, I., & Rakonjac-Antić, T. (2015). The impact of catastrophe risks on agricultural sector in Serbia, print in ed. Kočović, J., Jovanović Gavrilović, B., Đukić, V., Catastrophic risks and sustainable development, Faculty of Economics, University of Belgrade, 267-284.
47. Sujarwo, S. (2017). Factors affecting farmers acceptability toward agricultural insurance program in Malang, East java, Indonesia. Agricultural Socio-Economics Journal, 17(3), 97-104, DOI: https://doi.org/10.21776/ub.agrise.2017.017.3.1
48. Sulewski, P., & Kłoczko-Gajewska, A. (2014). Farmers risk perception, risk aversion and strategies to cope with production risk: an empirical study from Poland. Studies in Agricultural Economics, 116(2014), 140-147, DOI: 10.7896/j.1414
49. Theuvsen, L. (2013). Risk and risk management in agriculture. Problems of world agriculture, 13(4), 162-174, DOI: 10.1504/IJRAM.2000.001491
50. Ullah, R., Shivakoti, G. P., Zulfqar, F., & Kamran, M. A. (2016). Farm risks and uncertainties: Sources, impacts and management. Outlook on Agriculture, 45(3), 199-205, DOI: 10.1177/0030727016665440
51. Velandia, M., Rejesus, R. M., Knight, T. O., & Sherrick, B. J. (2009). Factors affecting farmers utilization of agricultural risk management tools: the case of crop insurance, forward contracting and spreading sales. Journal of Agricultural and Applied Economics, 41(1), 107-123, DOI: https://doi.org/10.1017/S1074070800002583
52. Wąs, A., & Kobus, P. (2018). Factors differentiating the level of crop insurance at Polish farms. Agricultural Finance Review, 78(2), 209-222, DOI: https://doi.org/10.1108/AFR-06-2017-0054
53. Wu, J. (1999). Crop Insurance, Acreage Decisions, and Nonpoint-Source Pollution. American Journal of Agricultural Economics, 81(2), 305-320, DOI: https://doi.org/10.2307/1244583
54. Žarković, N., Toscano, B., Mrkšić, D., & Lisov, M. (2014). Key features of crop insurance in Serbia. Bulgarian Journal of Agricultural Science, 20(1), 23-33.
2. Akinola, B. D. (2014). Determinants of Farmers Adoption of Agriculture Insurance: the Case of Poultry Farmers in Abeokuta Metropolis of Ogun State, Nigeria. British Journal of Poultry Sciences, 3(2), 36-41, DOI: 10.5829/idosi.bjps.2014.3.2.83216
3. Bielza, M., Conte, C., Dittmann, C., Gallego, J., & Stroblmair, J. (2008). Agricultural Insurance Schemes. European Commission, Joint Research Centre, Ispra.
4. Black, D. K., & Dorfman, J. H. (2000). Identifying Farmer Characteristics Related to Crop Insurance Purchase Decisions. 2000 Annual meeting, July 30-August 2, Tampa, FL, American Agricultural Economics Association, DOI: 10.22004/ag.econ.21831
5. Blank, S. C., & McDonald, J. (1996). Preferences for Crop Insurance When Farmers Are Diversifed. Agribusiness, 12(6), 583-592, DOI: 10.22004/ag.econ.291738
6. Box, G. E. P., & Tidwell, P. W. (1962). Transformation of the independent variables. Technometrics 4, 531-550, DOI: 10.2307/2526842
7. Coble, K., & Barnett, B. J. (2012). Why Do We Subsidize Crop Insurance? American Journal of Agricultural Economics, 95(2), 498-504, DOI: https://doi.org/10.1093/ajae/aas093
8. Cole, S., Stein, D., & Tobacman, J. (2014). Dynamics of Demand for Index Insurance: Evidence from a Long-Run Field Experiment. American Economic Review, 104(2014), 284-290, DOI: 10.1257/aer.104.5.284
9. Danso-Abbeam, G., Addai, K. N., & Ehiakpor, D. (2014). Willingness to Pay for Farm Insurance by Smallholder Cocoa Farmers in Ghana. Journal of Social Science for Policy Implications, 2(1), 163-183.
10. Di Falco, S., Adinolf, F., Bozzola, M., & Capitanio, F. (2014). Crop Insurance as a Strategy for Adapting to Climate Change. Journal of Agricultural Economics, 65(2), 485-504, DOI: 10.1111/1477-9552.12053
11. Dragos, S. L., & Mare, C. (2014). An Econometric Approach to Factors Affecting Crop Insurance in Romania. Ekonomie a Management, 17(1), 93-104, DOI: http://dx.doi.org/10.15240/tul/001/2014-1-008
12. Enjolras, G., Capitanio, F., & Adinolf, F. (2012). The demand for crop insurance: combined approaches for France and Italy. Agricultural Economics Review, 13(1), 5-22, DOI: 10.22004/ag.econ.253490
13. Enjorlas, G., & Sentis, P. (2011). Crop insurance policies and purchases in France. Agricultural Economics, 42(2011), 475-486, DOI: 10.1111/j.1574-0862.2011.00535.x
14. European Commission (2017). Summary of main changes introduced to the four basic regulations of the CAP through the Omnibus regulation, Brussels, https://ec.europa.eu/agriculture/cap-overview/summary-changes-omnibus_en.pdf (accessed 10.02.2019)
15. Farrin, K., Miranda, M. J., & ODonoghue, E. (2016). How Do Time and Money Affect Agricultural Insurance Uptake? A New Approach to Farm Risk Management Analysis. Economic Research Report.
16. Goodwin, B. K. (1993). An Empirical Analysis of the Demand for Multiple Peril Crop Insurance. American Journal of Agricultural Economics, 75(2), 425-434, DOI: https://doi.org/10.2307/1242927
17. Isaboke, H. N., Zhang, Q., Nyarindo, W. N., & Wang, K. (2016). Factors explaining producer perception towards weather index micro-insurance: Evidence from Kenya. RUFORUM Working Document Series, 14(3), 345-354.
18. Kaczała, M., & Łyskawa, K. (2013). Factors affecting the demand for index-based agriculture insurance in Poland. Insurance Review, 4(2013), 75-91.
19. Kočović, J., Rakonjac - Antić, T., & Jovović, M. (2016). Possibilities for Agricultural Insurance Development in Serbia, print in ed. Stojanović Ž. And Bogdanov N., Agribusiness and villages in Serbia - state and perspectives, Facutly of Economics, University of Belgrade, pp. 205-224. [in Serbian: Kočović, J., Rakonjac - Antić, T., & Jovović, M. (2016). Mogućnosti razvoja osiguranja poljoprivede u Srbiji, objavljeno u Stojanović, Ž., Bogdanov, N. (red.), Stanje i perspektive agroprivrede i sela u Srbiji, Ekonomski fakultet, Univerzitet u Beogradu].
20. Koprivica, M., & Rakonjac - Antić, T. (2019). Insurance development in agriculture in Serbia and EU countries, Ekonomski vidici, XXIV(1-2), 43-58 [in Serbian: Koprivica, M., & Rakonjac-Antić, T., (2019). Razvijenost osiguranja u poljoprivredi u Srbiji i u zemljama Evropske unije].
21. Law on Incentives in Agriculture and Rural Development. Official Gazette of the Republic of Serbia, No. 10/2013, 142/2014, 103/2015 and 101/2016.
22. Liesivaara, P., & Myyrä, S. (2014). Willingness to pay for agricultural crop insurance in the northern EU. Agricultural Finance Review, 74(4): 539-554, DOI: 10.1108/AFR-06-2014-0018
23. Liu, F., Corcoran, C. P., Tao, J., & Cheng, J. (2016). Risk perception, insurance recognition and agricultural insurance behavior - An empirical based on dynamic panel data in 31 provinces of China. International Journal of Disaster Risk Reduction, 20(2016): 19-25, DOI: 10.1016/j.ijdrr.2016.10.005
24. Lyu, K., & Barré, T. J. (2017). Risk aversion in crop insurance program purchase decisions: Evidence from maize production areas in China. China Agricultural Economic Review, 9(1), 62-80, DOI: 10.1108/CAER-04-2015-0036
25. Makki, S. S., & Somwaru, A. (2001). Asymmetric Information in the Market for Yield and Revenue Insurance Products. Technical Bulletins 33587, U. S. Department of Agriculture, Economic Research Service, Washington, D. C., DOI: 10.22004/ag.econ.33587
26. Marković, T., Martinovska Stojcheska, A., Zgajnar, J., & Janeska Stamenkovska, I. (2014). Crop insurance as a factor of economic stability in the agriculture -The case of Serbia, Slovenia and Macedonia. 9th International Conference: The role of agricultural economic sciences in agriculture and rural development in the Balkan countries, 24-25 April 2014, Ohrid, Association of Agricultural Economists of Republic of Macedonia.
27. Mbonane, N. D., Makhura, M. N. (2018). Factors influencing maize farmers interest in crop insurance in Swaziland. SA-TIED Working paper 15, Washington, D. C.: International Food Policy Research Institute.
28. Midi, H., Sarkar, S., & Rana, S. (2013). Collinearity diagnostics of binary logistic regression model. Journal of Interdisciplinary Mathematics, 13(3), 253-267, DOI: 10.1080/09720502.2010.10700699
29. Ministry of Finance of the Republic of Serbia - Treasury Department. Register of agricultural holdings – Statistics, http://www.trezor.gov.rs/sr/services/rpg/statistika (accessed 26.09.2019)
30. Mishra, A. K., & Goodwin, B. K. (2003). Adoption of Crop versus Revenue Insurance: A Farm-Level Analysis. Agricultural Finance Review, 63(2), 143-155, DOI: 10.1108/00215050380001146
31. Mukhopadhyay, P., Sinha, M., & Sengupta, P. P. (2018). Determinants of Farmers Decision-Making to Accept Crop Insurance: A Multinomial Logit Model Approach. In Soft Computing in Data Analytics: Proceedings of International Conference on SCDA 2018, Nayak, J., Abraham, A., Krishna, B. M., Sekhar, G. T. C., & Das, A. K. (eds.), Springer, 267-275, DOI: 10.1007/978-981-13-0514-6_27
32. National bank of Serbia. Number and amount of claims by types of insurance and tariff, https://www.nbs.rs/internet/english/60/60_2/index.html (accessed 26.09.2019)
33. National bank of Serbia. Number of insurances, policyholders and premiums by type of insurance and tariff for Serbia, available at https://www.nbs.rs/internet/english/60/60_2/index.html (accessed 26.09.2019)
34. Petrović, Z., Njegomir, V., & Počuča, S. (2013). Characteristics of agricultural insurance: the case of countries of former Yugoslavia region. Economics of Agriculture, 4(2013), 729-743
35. Radović, G. (2016). Agricultural insurance as the obligatory insurance in the Republic of Serbia, Tokovi osiguranja 4 (2016): 7-23 [in Serbian: Radović, G. (2016). Osiguranje poljoprivrede kao moguće obavezno osiguranje u Republici Srbiji. Tokovi osiguranja, 4(2016): 7-23]
36. Regulation (EU) No 1305/2013 of the European Parliament and of the Council of 17 December 2013 on support for rural development by the European Agricultural Fund for Rural Development (EAFRD), Offcial Journal of the European Union, 347.
37. Regulation on the distribution of incentives in agriculture and rural development in 2017. Offcial Gazette of the Republic of Serbia, No. 106/2017.
38. Regulation on the distribution of incentives in agriculture and rural development in 2018. Official Gazette of the Republic of Serbia, No. 18/2018.
39. Rules on conditions, method and application form for the exercise of rights on incentives for premium for insurance of crops, fruits, perennial plants, nursery gardens and animals. Official Gazette of the Republic of Serbia, No. 61/17.
40. Santeramo, F. G., Goodwin, B. K., Adinolf, F., & Capitanio, F. (2016). Farmer Participation, Entry and Exit Decisions in the Italian Crop Insurance Programme. Journal of Agricultural Economics, 67(3), 639-657, DOI: https://doi.org/10.1111/1477-9552.12155
41. Sherrick, B. J., Peter J. B., Ellinger, P. N., & Schnitkey, G. D. (2004). Factors Influencing Farmers Crop Insurance Decisions. American Journal of Agricultural Economics, 86(1), 103–114, DOI: https://doi.org/10.1111/j.0092-5853.2004.00565.x
42. Statistical Office of the Republic of Serbia (2013). Census of Agriculture 2012 - Agriculture in the Republic of Serbia, Belgrade.
43. Statistical Office of the Republic of Serbia (2018). Ekonomski računi poljoprivrede u Republici Srbiji, 2007-2017. Belgrade.
44. Statistical Office of the Republic of Serbia, https://www.stat.gov.rs/en-US (accessed 26.09.2019)
45. Stojanović, Ž., Gligorijević, M., Rakonjac-Antić, T. (2012): The Role of the Marketing Mix in the Improvement of Agricultural Insurance. Economics of Agriculture, [S.l.], v. 59, n. 4, 769-780, DOI: 10.22004/ag.econ.143172
46. Stojanović, Ž., Popović Petrović, I., & Rakonjac-Antić, T. (2015). The impact of catastrophe risks on agricultural sector in Serbia, print in ed. Kočović, J., Jovanović Gavrilović, B., Đukić, V., Catastrophic risks and sustainable development, Faculty of Economics, University of Belgrade, 267-284.
47. Sujarwo, S. (2017). Factors affecting farmers acceptability toward agricultural insurance program in Malang, East java, Indonesia. Agricultural Socio-Economics Journal, 17(3), 97-104, DOI: https://doi.org/10.21776/ub.agrise.2017.017.3.1
48. Sulewski, P., & Kłoczko-Gajewska, A. (2014). Farmers risk perception, risk aversion and strategies to cope with production risk: an empirical study from Poland. Studies in Agricultural Economics, 116(2014), 140-147, DOI: 10.7896/j.1414
49. Theuvsen, L. (2013). Risk and risk management in agriculture. Problems of world agriculture, 13(4), 162-174, DOI: 10.1504/IJRAM.2000.001491
50. Ullah, R., Shivakoti, G. P., Zulfqar, F., & Kamran, M. A. (2016). Farm risks and uncertainties: Sources, impacts and management. Outlook on Agriculture, 45(3), 199-205, DOI: 10.1177/0030727016665440
51. Velandia, M., Rejesus, R. M., Knight, T. O., & Sherrick, B. J. (2009). Factors affecting farmers utilization of agricultural risk management tools: the case of crop insurance, forward contracting and spreading sales. Journal of Agricultural and Applied Economics, 41(1), 107-123, DOI: https://doi.org/10.1017/S1074070800002583
52. Wąs, A., & Kobus, P. (2018). Factors differentiating the level of crop insurance at Polish farms. Agricultural Finance Review, 78(2), 209-222, DOI: https://doi.org/10.1108/AFR-06-2017-0054
53. Wu, J. (1999). Crop Insurance, Acreage Decisions, and Nonpoint-Source Pollution. American Journal of Agricultural Economics, 81(2), 305-320, DOI: https://doi.org/10.2307/1244583
54. Žarković, N., Toscano, B., Mrkšić, D., & Lisov, M. (2014). Key features of crop insurance in Serbia. Bulgarian Journal of Agricultural Science, 20(1), 23-33.
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Published
2019-12-25
How to Cite
Stojanovic, Z., Rakonjac-Antic, T., & Koprivica, M. (2019). FARMERS WILLINGNESS TO PURCHASE CROP INSURANCE: EVIDENCE FROM WHEAT AND RASPBERRY SECTORS IN SERBIA. Economics of Agriculture, 66(4), 1107–1125. https://doi.org/10.5937/ekoPolj1904107S
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