@article{Kirchner:321216,
      recid = {321216},
      author = {Kirchner, Ella and Musshoff, Oliver},
      title = {Client satisfaction and product understanding as drivers  for insurance renewal – A case study in Mali},
      address = {2022-04},
      pages = {20},
      year = {2022},
      abstract = {Agricultural microinsurance are a promising risk  management tool for smallholder farmers. However, adoption  rates remain low and only a small share of farmers renews  their policy after the first period. Yet, it is essential  for the sustainability of an insurance scheme to retain a  solid customer base. To date, it is largely unknown what  drives the decision to renew an agricultural microinsurance  policy. We address this question by performing mean  comparisons and logistic regressions based on collected  primary data on 479 smallholder farmers in Mali who  purchased a weather index-based insurance in 2020. Results  show low levels of understanding of the product among all  clients, but especially among those who did not renew.  Similarly, the level of satisfaction was considerably  higher among clients who renewed. Both factors were  confirmed as drivers for renewal. Yet, in line with  previous findings, the receipt of a payout had the  strongest effect on the renewal decision whereas harvest  loss in the most recent season was not having an impact. We  conclude that additional efforts to foster client  satisfaction as well as to promote understanding of  agricultural insurance among smallholder farmers are highly  recommended.},
      url = {http://ageconsearch.umn.edu/record/321216},
      doi = {https://doi.org/10.22004/ag.econ.321216},
}