Document Type : Primary Research paper
Authors
1
Research Scholar, Department Mathematics & Actuarial Science, B S Abdur Rahman Crescent Institute of Science & Technology, Chennai, 600048, India,
2
Professor, Department Mathematics & Actuarial Science, B S Abdur Rahman Crescent Institute of Science & Technology, Chennai, 600048, India
3
Associate Professor, Department Mathematics & Actuarial Science, B S Abdur Rahman Crescent Institute of Science & Technology, Chennai, 600048, India,
Abstract
Crop insurance, as well as strategies for designing, managing, running, and sustaining such programmes, are introduced and reviewed in this study. Crop insurance can be classified as property, causality, life, or health insurance. Throughout this study, crop insurance programmes are referred to as "agricultural insurance." Before being implemented, crop insurance plans must be thoroughly developed and tailored to the unique circumstances of individual countries and localities. Insurance systems that are poorly constructed will fail, resulting in losses for all parties involved as well as a lack of trust among producers and the broader public. In fully benefited programmes, all stakeholders must have a high level of trust.
Transparency is one of the most important criteria in establishing and maintaining trust in agricultural insurance schemes. Only if all plan participants are informed of the insurance procedure can this transparency be achieved. Clear communication enables stakeholders to develop programmes that meet the needs of their customers while avoiding long-term problems. Crop insurance transparency is emphasised throughout this research, from farmers to private insurers through government agencies that support and regulate programmes.
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