Galatasaray University, Department of Economics, Ciragan cad. 36 34349, Besiktas Istanbul- Turkey
This paper discusses the agricultural damage managing problems in the aftermath of a climatic disaster with particular focus on the progress of agricultural insurance in developing countries. There are numerous barriers to design an accurate (optimal) insurance plan in developing countries which reduce the efficiency of insurance contracts. Farmers in developing countries produce under multiple risks and their revenues are not sufficient to cover agricultural credit debts and insurance premium. This paper proposes a simple approach to mitigate agricultural risks through insurance by taking farm revenue on its center. The contribution of the paper is to show how optimal insurance plans could be designed for sustainable farm revenues in developing countries.
Acknowledgment: The author thanks Galatasaray University Research Fund for the grant provided for research project BAP/ 17.103.001.
Climate change, damage managing, agricultural insurance, developing countries.
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