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Abstract

Agricultural activity is subject to a wide range of risks due to the variable economic and biophysical environment in which farming operates. Agriculture risks arise due to uncertainty over factors determining returns to agricultural production. Crop insurance is one of the risk mitigating strategies for farmers. The objective of the study was to estimate WTP by the rainfed maize farmres to crop insurance premium and also factors influencing their WTP. The study revealed that farmers were willing to pay 0.34 percent more premium than the prevailing rate to insure their crop. The average probability of WTP of farmers for crop insurance premium was 0.53. Age was the important factor influencing their WTP. It was observed that farmers' awareness about the products and procedures of crop insurance was poor. Hence, efforts should be made to increase the awareness and help farmers to take advantage of crop insurance.

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