ECONOMIC ANALYSIS OF LIVESTOCK INSURANCE SCHEME AS A RISK MANAGEMENT TOOL IN BHANJANAGAR SUB DIVISION OF GANJAM DISTRICT IN ODISHA
Loading...
Date
2017-11
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
The Livestock Insurance Scheme has been formulated with the twin objective of providing protection mechanism to the farmers and livestock rearing against any eventual loss of their animals due to death and to demonstrate the benefit to the people and to popularize it with the ultimate goal of attaining qualitative improvement in livestock and their products. In this context a study was conducted by taking 25 progressive farmers and one vet from each block of Bhanjanagar sub division. The data were collected by in depth interview by following questionnaire and collection of secondary data. Both were analyzed by Statistical Process Software System.
The study clearly reveals that there exists differential premium subsidy for weaker sections of society. Animals were ignored for insurance based on apparent health condition, milk yield and under/over age. The major risks encountered in the farm were livestock disease, death and mastitis. The risk mitigating tools were mainly saving, loan from banks and sale of farm outputs. The main coping mechanism covers insurance, own capital utilization, and sale of animal/agricultural produce. The farmers are aware of preliminary banking and insurance terms. The nature of premium was found to be low for them. Most of the farmers are willing to take up Livestock Insurance
xiii
in coming years and were motivated to rear upgraded/cross bred cows in view of more milk yield and risk coverage. The current destocking attitude of farmers is due to complicated procedures of insurance company to settle the claim timely, lack of pasture land, lack of fodder round the year and lack of cowherd/ shepherd. Livestock Insurance Policy has proved successfully a risk management tool and supporting livelihood of the livestock owner of Bhanjanagar sub division. It was suggested that all the male and female tags should be compatible with fine grip and quick claim settlement by the insurance company.
Description
Keywords
null