000321216 001__ 321216
000321216 005__ 20220617054230.0
000321216 0247_ $$2doi$$a10.22004/ag.econ.321216
000321216 041__ $$aeng
000321216 084__ $$aG52
000321216 084__ $$aQ14
000321216 245__ $$aClient satisfaction and product understanding as drivers for insurance renewal – A case study in Mali
000321216 260__ $$c2022-04
000321216 269__ $$a2022-04
000321216 300__ $$a20
000321216 336__ $$aConference Paper/ Presentation
000321216 520__ $$aAgricultural microinsurance are a promising risk management tool for smallholder farmers. However, adoption rates remain low and only a small share of farmers renews their policy after the first period. Yet, it is essential for the sustainability of an insurance scheme to retain a solid customer base. To date, it is largely unknown what drives the decision to renew an agricultural microinsurance policy. We address this question by performing mean comparisons and logistic regressions based on collected primary data on 479 smallholder farmers in Mali who purchased a weather index-based insurance in 2020. Results show low levels of understanding of the product among all clients, but especially among those who did not renew. Similarly, the level of satisfaction was considerably higher among clients who renewed. Both factors were confirmed as drivers for renewal. Yet, in line with previous findings, the receipt of a payout had the strongest effect on the renewal decision whereas harvest loss in the most recent season was not having an impact. We conclude that additional efforts to foster client satisfaction as well as to promote understanding of agricultural insurance among smallholder farmers are highly recommended.
000321216 546__ $$aEnglish
000321216 650__ $$aAgricultural Finance
000321216 650__ $$aRisk and Uncertainty
000321216 6531_ $$aagricultural microinsurance
000321216 6531_ $$amicrofinance
000321216 6531_ $$arisk management
000321216 6531_ $$arural development
000321216 700__ $$aKirchner, Ella
000321216 700__ $$aMusshoff, Oliver
000321216 8564_ $$9e00d4be8-36f2-4aa2-8942-16efc289b085$$s327994$$uhttps://ageconsearch.umn.edu/record/321216/files/Ella_Kirchner_Tagungsbeitrag%20AES_EkirchnerOMusshoff.pdf
000321216 909CO $$ooai:ageconsearch.umn.edu:321216$$pGLOBAL_SET
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000321216 980__ $$a2450