FEASIBILITY OF INCOME INSURANCE IN EUROPEAN AGRICULTURE
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Liberalization of agricultural markets leads to new risks for European farmers. This paper studies the feasibility of income insurance schemes for European crop and livestock farmers. Different insurance topics, such as governmental reinsurance and the use of mutual insurance funds, are described and analyzed, using individual farm level data of different areas and commodities. In this paper it is argued that 'income' insurance in European agriculture should be restricted to yield-only insurance schemes that are organized per commodity and per region and in which governments play the role of 'lender of last resort.