Integrated risk management in agriculture: an inductive research

Abstract

Purpose

The purpose of this paper is to suggest an integrated risk management service for agriculture, by identifying different risk management practices that may be offered in conjunction with crop insurance, to address the various problems and challenges being faced by farmers and by insurance companies.

Design/methodology/approach

The research is based on an inductive approach of developing theory from case studies using within‐case and cross‐case analysis. However, apart from exploring different elements from case studies, some of the existing concepts have been reviewed from the literature for their application in agricultural risk management.

Findings

An integrated framework for risk management in agriculture has been developed by inductively exploring the various elements that may be successfully interlinked with the crop insurance to tackle the various agricultural risks more efficiently and effectively.

Practical implications

This paper can act as a basis for new product development in agricultural risk management through the use of this integrated approach of risk management and the different elements that have been identified to improve the effectiveness of crop insurance.

Originality/value

This paper fulfils the identified need to develop a framework for an integrated risk management in agriculture.

Citation

Singla, S. and Sagar, M. (2012), "Integrated risk management in agriculture: an inductive research", Journal of Risk Finance, Vol. 13 No. 3, pp. 199-214. https://doi.org/10.1108/15265941211229235