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Agricultural Insurance as an Environmental Policy Tool

Author

Listed:
  • Coble, Keith H.
  • Hanson, Terrill R.
  • Miller, J. Corey
  • Shaik, Saleem

Abstract

This paper examines the possibility that insurance for row crops, livestock, and aquaculture can be used effectively to encourage producers to adopt practices that will improve environmental behavior. Examples of agricultural environmental insurance are provided and considered in the context of alternative policy mechanisms. The current state of agricultural insurance and the nonagricultural environmental insurance market are explored. We also lay out the characteristics of an insurable risk along with the theoretical basis of insurance provision. An empirical example of an environmental insurance design is provided, and the behavioral implications of such a design are examined. Finally, we discuss important considerations that should be evaluated when considering an attempt to implement an agricultural insurance program directed at environmental behavior.

Suggested Citation

  • Coble, Keith H. & Hanson, Terrill R. & Miller, J. Corey & Shaik, Saleem, 2003. "Agricultural Insurance as an Environmental Policy Tool," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 35(2), pages 1-15, August.
    • Handle: RePEc:ags:joaaec:43214
    DOI: 10.22004/ag.econ.43214
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    File URL: https://ageconsearch.umn.edu/record/43214/files/Coble%20JAAE%20August%202003.pdf
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    Cited by:

    1. Lefebvre, Marianne & Midler, Estelle & Bontems, Philippe, 2020. "Adoption of environmentally-friendly agricultural practices with background risk: experimental evidence," TSE Working Papers 20-1079, Toulouse School of Economics (TSE).
    2. Glenn Sheriff, 2005. "Efficient Waste? Why Farmers Over-Apply Nutrients and the Implications for Policy Design," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 27(4), pages 542-557.
    3. Marianne Lefebvre & Estelle Midler & Philippe Bontems, 2020. "Adoption of Environment-Friendly Agricultural Practices with Background Risk: Experimental Evidence," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 76(2), pages 405-428, July.
    4. Weiping Lou & Lihong Wu & Haiyan Chen & Zongwei Ji & Yongfei Sun, 2012. "Assessment of rice yield loss due to torrential rain: a case study of Yuhang County, Zhejiang Province, China," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 60(2), pages 311-320, January.

    More about this item

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
    • K13 - Law and Economics - - Basic Areas of Law - - - Tort Law and Product Liability; Forensic Economics
    • Q18 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Policy; Food Policy; Animal Welfare Policy

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