Economic and commercial feasibility study of agricultural insurance in Togoapplication and success

This study's goal is to highlight the demand for agricultural insurance in Togo while examining the elements that influence its uptake decision. To do so, a national survey of food crop, cash crop, and poultry farmers was conducted in all 5 economic regions. The 456 data acquired via a questionnaire in 2021 were processed and analysed using comparison and regression tests, yielding significant results. According to the statistics, 67.76% of participants want agriculture insurance. The average amount of the premium of those wanting to subscribe is 6454.693 CFA (0.37% of the mean annual income, and 1.63% of the mean of the annual income of the first 52.19% incomes). With a P-value of 0.000, there is a strong relationship (Phi = 0.624) between the possession of a saving account and the desire to uptake agricultural insurance. Price volatility, marketing, drought, and crop or animal diseases and pests are the most common obstacles they face in their agricultural activity. 63% of the farmers in Togo have little or no knowledge of insurance. Risk aversion, access to credit, income from non-agricultural activities, etc. are variables that are correlated with the willingness to take out agricultural insurance. The study also revealed that farm revenue is affected by age and type of farming, as well as insurance uptake with a P-value less than 0.05. This research highlighted farmers' insurance expectations, reasons for adherence or non-adherence, and factors explaining their insurance attitudes.