Research from Vytautas Magnus University Provide New Insights into Crop Insurance (Expectations of the Participants of the Crop Insurance System and Their Implementation): Agriculture – Crop Insurance

2023 MAR 28 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- A new study on crop insurance is now available. According to news originating from Kaunas, Lithuania, by NewsRx correspondents, research stated, “The manufacture of agriculture production products is the most sensitive to meteorological conditions.”

The news editors obtained a quote from the research from Vytautas Magnus University: “The main risks caused by adverse climate factors that Lithuania’s farmers confront are winterkill, hail, storms, and droughts. The aim of the study is to analyze the expectations of crop insurance system participants and to reveal the reasons for encouraging/discouraging farms in insuring their crops in Lithuania. All additional means (optimization of crop structure, changes in growing technologies) reduce the reliable harm of extreme climate change, but only technical, organizational means (crop insurance) can mostly reduce the loss of production. The investigation was underway using the analysis of scientific literature. Crop producers’ expectations of risk mitigation are influenced by a variety of factors: age, farm size, farming duration, locality, and farming practice. Farmers assess the government’s given support by way of compensation insurance fees.”

According to the news editors, the research concluded: “Farmers analyze the risk of the meteorological phenomenon and indicate that the farm would have huge damage from adverse climate conditions. The main obstacles to crop insurance are these: the farmers are too small for the insurance system; they want to separate risks insurance and to attain more possibilities to choose from; accent development of evaluation and payment of harms after agreeing that the evaluation is objective.”

For more information on this research see: Expectations of the Participants of the Crop Insurance System and Their Implementation. Agriculture, 2023,13(3). (Agriculture - http://www.mdpi.com/journal/agriculture). The publisher for Agriculture is MDPI AG.

A free version of this journal article is available at https://doi.org/10.3390/agriculture13030649.

Our news journalists report that additional information may be obtained by contacting Martynas Rusteika, Faculty of Bioeconomy Development, Vytautas Magnus University, K. Donelaicio Str. 58, LT-44248 Kaunas, Lithuania. Additional authors for this research include Lina Skinuliene.

(Our reports deliver fact-based news of research and discoveries from around the world.)