Fishermen willingness to participate in an insurance program in Oman

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4 Citations (Scopus)

Abstract

This study is based on a survey of 210 fishermen in Oman to investigate their willingness to pay (WTP) for and enroll in an insurance scheme. The survey was designed to evaluate fishermen's willingness to adopt a safety measures program. Most fishermen showed a low level of prudence except for community controlled measures. Actually, 82% of fishermen fish in groups rather than individually, 98% inform their families about the site where they are going to fish, and 76% listen to the weather forecast before leaving. A linear and a Logit model were used in this study. Results from the linear model show that virtually all the socioeconomic, boat characteristics, attitudinal, and wealth variables are important in explaining the amount of the insurance premium the fishermen are willing to pay for; however, only a few variables were significant in the Logit model. Overall, 52% of the respondents indicated WTP for insurance, which is a clear indication that the demand for insurance is substantial. The estimated annual insurance premium varies between Rials Omani (RO) 23.13 and RO 29.25, depending whether it is a voluntary or legally required. WTP is estimated at RO 18.7.

Original languageEnglish
Pages (from-to)379-391
Number of pages13
JournalMarine Resource Economics
Volume23
Issue number3
Publication statusPublished - 2008

Fingerprint

Oman
insurance
willingness to pay
premium
fish
linear model
indication
programme
Insurance
Willingness
Willingness-to-pay
weather
demand
Insurance premium
Fish
Logit model
community
Group

Keywords

  • Econometric modeling
  • Insurance premium
  • Safety equipment
  • Small-scale fishery

ASJC Scopus subject areas

  • Economics and Econometrics
  • Management, Monitoring, Policy and Law
  • Oceanography
  • Geography, Planning and Development

Cite this

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title = "Fishermen willingness to participate in an insurance program in Oman",
abstract = "This study is based on a survey of 210 fishermen in Oman to investigate their willingness to pay (WTP) for and enroll in an insurance scheme. The survey was designed to evaluate fishermen's willingness to adopt a safety measures program. Most fishermen showed a low level of prudence except for community controlled measures. Actually, 82{\%} of fishermen fish in groups rather than individually, 98{\%} inform their families about the site where they are going to fish, and 76{\%} listen to the weather forecast before leaving. A linear and a Logit model were used in this study. Results from the linear model show that virtually all the socioeconomic, boat characteristics, attitudinal, and wealth variables are important in explaining the amount of the insurance premium the fishermen are willing to pay for; however, only a few variables were significant in the Logit model. Overall, 52{\%} of the respondents indicated WTP for insurance, which is a clear indication that the demand for insurance is substantial. The estimated annual insurance premium varies between Rials Omani (RO) 23.13 and RO 29.25, depending whether it is a voluntary or legally required. WTP is estimated at RO 18.7.",
keywords = "Econometric modeling, Insurance premium, Safety equipment, Small-scale fishery",
author = "Slim Zekri and {Daudi Mbaga}, Msafiri and Houcine Boughanmi",
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AU - Zekri, Slim

AU - Daudi Mbaga, Msafiri

AU - Boughanmi, Houcine

PY - 2008

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N2 - This study is based on a survey of 210 fishermen in Oman to investigate their willingness to pay (WTP) for and enroll in an insurance scheme. The survey was designed to evaluate fishermen's willingness to adopt a safety measures program. Most fishermen showed a low level of prudence except for community controlled measures. Actually, 82% of fishermen fish in groups rather than individually, 98% inform their families about the site where they are going to fish, and 76% listen to the weather forecast before leaving. A linear and a Logit model were used in this study. Results from the linear model show that virtually all the socioeconomic, boat characteristics, attitudinal, and wealth variables are important in explaining the amount of the insurance premium the fishermen are willing to pay for; however, only a few variables were significant in the Logit model. Overall, 52% of the respondents indicated WTP for insurance, which is a clear indication that the demand for insurance is substantial. The estimated annual insurance premium varies between Rials Omani (RO) 23.13 and RO 29.25, depending whether it is a voluntary or legally required. WTP is estimated at RO 18.7.

AB - This study is based on a survey of 210 fishermen in Oman to investigate their willingness to pay (WTP) for and enroll in an insurance scheme. The survey was designed to evaluate fishermen's willingness to adopt a safety measures program. Most fishermen showed a low level of prudence except for community controlled measures. Actually, 82% of fishermen fish in groups rather than individually, 98% inform their families about the site where they are going to fish, and 76% listen to the weather forecast before leaving. A linear and a Logit model were used in this study. Results from the linear model show that virtually all the socioeconomic, boat characteristics, attitudinal, and wealth variables are important in explaining the amount of the insurance premium the fishermen are willing to pay for; however, only a few variables were significant in the Logit model. Overall, 52% of the respondents indicated WTP for insurance, which is a clear indication that the demand for insurance is substantial. The estimated annual insurance premium varies between Rials Omani (RO) 23.13 and RO 29.25, depending whether it is a voluntary or legally required. WTP is estimated at RO 18.7.

KW - Econometric modeling

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