This report evaluates a number of risk management instruments (RMI), including agricultural insurance, available to farmers to protect them against adverse events. A theoretical framework is described in order to evaluate any RMI in terms of its (initial) goal(s), efficacy and distortions. Subsequently, cases of operational RMIs in different countries (i.e., yield insurance, livestock insurance and revenue insurance) are selected for an in depth analysis. Data on the selected RMIs and other relevant (country) data were collected through questionnaires administered to country experts.