Factors influencing agricultural insurance acceptance among rice farmers in the poorest Region of Luzon, Philippines: A multinomial model analysis

This study examines the acceptability of agricultural insurance among rice farmers in the barangays of Lagonoy, Camarines Sur, located in the poorest region of Luzon, Philippines. The study aims to identify the socio-economic characteristics of the farmers, assess their acceptance of agricultural insurance, explore the factors influencing their decisions, and determine how these characteristics impact their acceptance. A quantitative approach is used, employing a causal-explanatory research design with a survey of 289 rice farmers selected through Cochran’s formula and stratified proportional sampling. The findings reveal that age and land ownership are significant factors influencing farmers' acceptance of agricultural insurance. A multinomial logistic regression model was applied to predict the levels of acceptance, highlighting the importance of these factors, particularly in predicting the "agree" level of acceptability. Other variables, such as gender, household size, income, and education, did not significantly affect insurance acceptance. Based on the results, the study recommends simplifying insurance agreements and application forms, offering online options for greater accessibility, recruiting experienced farmers as advocates, and conducting regular assessments to enhance program effectiveness and ensure better understanding and participation among farmers.