Policies and Mechanisms for Providing Insurance and Risk Management Tools to Livestock Farmers to Protect Them against Production Risks

Benson Waithaka
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Abstract

Purpose: The aim of the study was to explore policies and mechanisms for providing insurance and risk management tools to livestock farmers to protect them against production risks. Methodology: This study adopted a desk methodology. A desk study research design is commonly known as secondary data collection. This is basically collecting data from existing resources preferably because of its low cost advantage as compared to a field research. Our current study looked into already published studies and reports as the data was easily accessed through online journals and libraries. Findings: The study reveals that policies and mechanisms for providing insurance and risk management tools to livestock farmers play a crucial role in protecting them against production risks and enhancing their resilience. The study also demonstrated the effectiveness of various insurance schemes, such as index-based insurance and community-based insurance, in reducing livestock mortality rates, increasing investment in productive assets, and improving household welfare outcomes. However, challenges such as basis risk, limited outreach, and institutional barriers continue to impede the widespread adoption and effectiveness of insurance interventions. Unique Contribution to Theory, Practice and Policy: Risk management theory & institutional theory may be used to anchor future studies on policies and mechanisms for providing insurance and risk management tools to livestock farmers to protect them against production risks. Develop tailored training programs that provide farmers with the knowledge and skills needed to assess risk, understand insurance products, and make informed decisions about risk management strategies. Policy interventions should focus on improving the design and affordability of insurance schemes, enhancing access to financial services in rural areas, and promoting regulatory frameworks that support the growth of insurance markets.
向畜牧业农民提供保险和风险管理工具以防范生产风险的政策和机制
目的:本研究旨在探讨为畜牧业者提供保险和风险管理工具的政策和机制,以保护他们免受生产风险的影响。研究方法:本研究采用案头研究法。案头研究设计通常被称为二手数据收集。这主要是从现有资源中收集数据,因为与实地研究相比,它具有成本低的优势。我们目前的研究调查了已经出版的研究和报告,因为这些数据可以通过在线期刊和图书馆轻松获取。研究结果:研究表明,向畜牧业农民提供保险和风险管理工具的政策和机制在保护他们免受生产风险和提高他们的抗风险能力方面发挥着至关重要的作用。研究还表明,各种保险计划(如指数保险和社区保险)在降低牲畜死亡率、增加生产性资产投资和改善家庭福利成果方面十分有效。然而,基础风险、有限的推广范围和制度障碍等挑战继续阻碍着保险干预措施的广泛采用和有效性。对理论、实践和政策的独特贡献:风险管理理论和制度理论可用于今后有关向畜牧业农民提供保险和风险管理工具以保护其免受生产风险的政策和机制的研究。制定有针对性的培训计划,为农民提供评估风险、了解保险产品、就风险管理战略做出明智决策所需的知识和技能。政策干预应侧重于改善保险计划的设计和可负担性,提高农村地区获得金融服务的机会,并促进支持保险市场发展的监管框架。
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