AGRICULTURAL INSURANCE CONCEPTS AND COUNTRY INITIATIVES

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Agricultural operation is a risky business. It involves several types of risks like earthquake, storm, landslide, flood, drought etc. which affect the crop yield severely.Besides the occurrence of natural calamities, sudden fall in prices of the agricultural commodities is another important factor for loss of farm income. Therefore, farmers frequently suffer from the loss of agricultural income. Agriculture, being the mainstay of most of the developing economies around the world, agricultural risk poses considerable threat to the income and general price stability of those countries. Hence, there is a need to evolve newer strategies to tackle the prevailing agricultural risks. Insurance is the mechanism to manage agricultural risk particularly to safeguard farm income losses under adverse weather condition and similar events beyond the control of primary producers. Insuring small farmers against crop losses due to adverse weather or other hazards has attracted public sector involvem