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Rainfall Insurance Scheme for Coffee in Karnataka: Exploring the Indicators of Performance

International Journal of Banking, Risk and Insurance

Volume 3 Issue 1

Published: 2015
Author(s) Name: Minnappa Prabhu, Gowdara Kotreshwar | Author(s) Affiliation:
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Abstract

The purpose of this paper is to explore the factors influencing the design and the development of Rainfall Insurance scheme for coffee plantation. The method used is qualitative design with some quantitative elements. Data were collected through a field survey of 390 growers who have purchased the rainfall insence contracts. Factor Analysis, Principal Component Analysis, Kaiser-Meyer-Olkin, Bartletts Test of Sphericity, and Kaisers Varimax rotation were used to measure the sample adequacy and to extract the factors affecting the rainfall index insurance. In this study several variables impacting rainfall index insurance have been identified for factor analysis. On the basis of Varimax with Kaiser Normalization, eight factors have emerged. These include: Rainfall Risk, Trigger Rainfall, Sum Insured, Rainfall Risk Protection, Basis Risk, Claim Settlement, Payout, and Premium. The study highlights the impact of factors on the performance of RISC. The findings reveal the need for redesign and recasting existing Rainfall Insurance Scheme for efficient risk management in coffee industry. The findings of study reinforce the need for better understanding of the factors impacting Rainfall Insurance Scheme for coffee performance. The study is useful in generating inputs for redesigning Rainfall Insurance Scheme for coffee by insurers.

Keywords: Factors, Growers, Performance, Rainfall Insurance Scheme for Coffee [RISC], Variables [V]

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