Summarizing opportunities and barriers to agricultural insurance in Vietnam.
This report summarizes results of market research to assess the agricultural insurance needs of farmers in Vietnam, leading up to product design. Field research took place in three provinces in the country.
The research found that farm households in Vietnam rely on a number of precautionary strategies to cope with agricultural risks. These included self-insurance and, group based measures. Study findings include:
Study findings indicate a need for risk managment products to cover agricultural and life cycle risks. Most households are financially constrained, and have to choose between agricultural insurance and medical insurance. The data suggests that there is an opportunity and a role for agriculture insurance, but households might prioritize other risk management needs, such as health.