Report Summarizes Livestock Insurance Study Findings from Tamil Nadu Veterinary and Animal Sciences University (Livestock Insurance Scheme Under the National Livestock Mission, India – Certain Constraints As Perceived By the Beneficiaries): Livestock Insurance

2023 JUL 10 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- Investigators discuss new findings in Livestock Insurance. According to news reporting originating from Chennai, India, by NewsRx correspondents, research stated, “Livestock death and disease are considered to be one of the main factors contributing to poverty in India which can be minimized by insuring the animals. An attempt is made to study livestock insurance schemes and their constraints.”

Our news editors obtained a quote from the research from Tamil Nadu Veterinary and Animal Sciences University, “From each district of Tamil Nadu, 30 insured farmers who insured their animals were selected by a simple random sampling procedure, i.e. a total of 930 beneficiaries. The majority of them had covered only 1-2 of their dairy cows under the National Livestock Mission (NLM), whereas only 9.90% of the sample respondents` had applied for compensation. In the year 2014-2015, a total number of 29,539 cattle were insured for which an amount of Rs. 13,009,231 was spent under NLM. A similar pattern existed during the period 2016-2017 and 2017-2018. The claim ratio was less than 3%. The claim amount settlement data indicated that in 2014-2015 Rs. 13,612,405 amount was settled which had increased to Rs. 20,093,002 in 2015-2016 and to Rs. 18,695,765 in 2016-2017 and Rs. 15,656421 in the year 2017-2018. The study indicated that the majority of animals (57.62%) have died of metabolic diseases followed by infectious diseases (17.05) and 22.23% of the claims were due to various other diseases. Nonavailability of veterinarians was considered the first and foremost technical constraint and the high premium amount was considered the first and foremost financial constraint. The factors like the number of adult animals, the age of the farmer and the system of rearing were found to be significantly influencing the constraint score given by the farmer. The study concluded that for the scheme to be successful, the first thing to do is to make prompt settlements within a stipulated time period say 60-90 days which would create a positive impact, and the implementation mechanism has to be simpler, hassle-free and prompt to make it successful.”

According to the news editors, the research concluded: “Also, steps to make the livestock insurance services available at the doorsteps of the farmers would bring more and more farmers under the ambit of the scheme.”

This research has been peer-reviewed.

For more information on this research see: Livestock Insurance Scheme Under the National Livestock Mission, India - Certain Constraints As Perceived By the Beneficiaries. Acta Agriculturae Scandinavica Section A - Animal Science, 2023. Acta Agriculturae Scandinavica Section A - Animal Science can be contacted at: Taylor & Francis As, Karl Johans Gate 5, No-0154 Oslo, Norway.

The news editors report that additional information may be obtained by contacting J. Shilpa Shree, Tamil Nadu Veterinary and Animal Sciences University, Madras Vet Coll Chennai, Dept Anim Husb Econ, Chennai, India. Additional authors for this research include M. Prabu and A. Serma Saravana Pandian.

The direct object identifier (DOI) for that additional information is: https://doi.org/10.1080/09064702.2023.2221258. This DOI is a link to an online electronic document that is either free or for purchase, and can be your direct source for a journal article and its citation.

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