Poultry Farmers Willingness to Pay for Agricultural Insurance Policy in Kogi State, Nigeria

Abstract

 This study looked at the factors that affect poultry farmers' willingness to pay for insurance. Using a standardized questionnaire, 120 farmers was randomly chosen. Binary logistic regression, the t-test, means, frequency distribution, and percentages were utilized to examine the data. One of the main conclusions was that most farmers were men. The bulk of respondents (96.7%) were found to be literate, with the average age of farmers being 44 years old. The majority of responders (72.5%) were married, and poultry farmers had an average of about 12 years of experience. The majority of respondents (62.5%) lived in households with an average of six people and did not belong to any cooperative societies. About 70% of survey participants said they had never used extension services. Before and after owning an insurance policy, a farmer's average yearly income was N145,110.83 and N252,692.92 respectively. About N5466.87 was the average price that poultry farmers were ready to pay. Income, extension access, awareness, cooperative society membership, access to credit, gender, flock size, marital status, and distance, at 5% probability levels, were the characteristics that affected willingness to pay. In order to enhance willingness to pay for poultry insurance, the study recommends measures that would increase poultry farmers' access to agricultural insurance at subsidized rates.