Determinants of Insurance Services Utilization and Their Impact on Income Shocks among poultry farmers

This research investigates the role of insurance services and their impact on income shocks among poultry farmers in Delta State, Nigeria. It uses a multistage sampling method to select 150 respondents surveyed through a questionnaire. The data gathered were analyzed using descriptive statistics and inferential statistics. The average age of the farmers was 46 years. The majority of the respondents were male, married, and well-educated. The average family size was seven people. On average, respondents possessed eight years of experience in farming. The average flock size was 887 birds. The binary logit analysis revealed that flock size, awareness of insurance, attitude towards insurance, premium payment, access to credit, and occupation greatly influenced the utilization of insurance services at a 5% level of significance. The insurance services used by the poultry farmers included extension services, veterinary services, general risk coverage, and training programs designed for farmers. The primary constraints faced by poultry farmers were inadequate awareness about insurance benefits, difficulties in implementing insurance policies, and delays in the payment of indemnity (compensation). Provision of premium subsidies (PPS), insurance coverage of equipment (ICOE), timely payment of indemnity (POI), encouragement of institutional lenders (EIL), and training programs for farmers (TOF) assist in absorbing income shocks among poultry farmers. The study recommends needing improved awareness and enhanced collaboration between farmers and insurance providers to increase the effectiveness of insurance in protecting farmers' incomes.