ANNOUNCEMENTS
This study specifically proposes to study the feasibility of weather-based crop insurance in the context of commercial crop of mango in Uttar Pradesh. There is a dearth of insurance contracts for Horticulture crops despite the fact that they contribute a significant 33 percent to the Gross Value Added which implies a substantial impact on the economy. This study has analysed the contract Restructured Weather Based Crop Insurance Scheme (RWBCIS) for 2023-24 and following the empirical methodology by Gine et.al.(2008) computed putative payouts for the time period of 1993-2022 for nine weather stations in the district of Lucknow using the term sheet. This helped to understand the characteristics of this recently introduced insurance scheme.
The contract has also been analysed for cross section dependence, correlation between payouts and other comparisons. On the theoretical side, this study has attempted to determine the factors affecting the purchase decisions of insurance from the view of mango crops using benchmark insurance model which satisfies the basic economic theory regarding the relationships between maximum willingness to and the factors affecting the maximum premium. To solve the loopholes and some shortcomings of the scheme, some policy recommendations have also been suggested incorporating the suggestions from the policy practitioners and insurance experts working on the field in Uttar Pradesh.
