Abstract
Agriculture has occupied a crucial position in India’s economic development and economy since past times. In recent times, Government of India, concerned with the welfare of the farming community, have either encouraged or directly participated in setting up of risk-sharing institutions. Crop insurance is a basic tool by which farmers can stabilize their financial gain through farms and their investment against fatal results of losses due to natural hazards or low market prices. An academic literature review of crop insurance schemes that have been applied in Indian scenario is presented. This paper addresses the gaps between various crop insurance schemes. Further, the mathematical techniques for crop insurance used all over the world based on probabilistic approach, optimization approach and statistical approach is reviewed in brief. The findings of this review clearly show that insurance companies in India are not able to start up with the proper crop insurance schemes. The reason behind this is that the risk involved in agriculture is highly unpredictable and in addition, there is no historical data available on which any risk assessment model could be designed. Focusing over farmer’s decision to choose crop insurance scheme based on his awareness and perception, this paper finally concludes with some issues/future work pertaining to success of crop insurance schemes in India.
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