Agricultural Insurance and Economic Development

Shawn A. Cole () and Wentao Xiong ()
Additional contact information
Shawn A. Cole: Finance Unit, Harvard Business School, Boston, Massachusetts 02163
Wentao Xiong: Department of Economics, Harvard University, Cambridge, Massachusetts 02138

Annual Review of Economics, 2017, vol. 9, issue 1, 235-262

Abstract: This article provides a review of recent research on agricultural insurance (AI) in developing countries. Agricultural producers face a variety of significant risks; historically, only government-subsidized products have achieved widespread adoption. A recent contractual innovation, which links insurance payouts to realized weather rather than farmer indemnity, has spurred substantial research in the past decade. This review begins by describing the experience in developed economies and then turns to developing countries, covering the following topics: farmers' adoption of AI, how AI affects their decision to invest in risky assets, and the extent to which AI helps farmers smooth income and consumption. We conclude with suggestions for future research and practice related to AI in developing countries.

Keywords: agricultural insurance; risk management; risky investment (search for similar items in EconPapers)
JEL-codes: D14 G22 O16 Q12 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (24)

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