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Insurance Premium Calculation Using Credibility Analysis: An Example From Livestock Mortality Insurance

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  • Jeffrey Pai
  • Milton Boyd
  • Lysa Porth

Abstract

type="main" xml:lang="en"> A major problem facing livestock producers is animal mortality risk. Livestock mortality insurance is still at the initial stages, and premium computation approaches are still relatively new and will require more research. This study seeks to provide a first step for developing a better understanding of livestock insurance as a solution to mortality risk, as it explores improved methods for livestock mortality insurance modeling procedures, and premium computation, using credibility analysis. The purpose of this study is to develop improved estimates for livestock mortality insurance premiums for Canada under a credibility framework. We illustrate our approach through one example using livestock data from 1999 to 2007.

Suggested Citation

  • Jeffrey Pai & Milton Boyd & Lysa Porth, 2015. "Insurance Premium Calculation Using Credibility Analysis: An Example From Livestock Mortality Insurance," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 82(2), pages 341-357, June.
    • Handle: RePEc:bla:jrinsu:v:82:y:2015:i:2:p:341-357
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    Cited by:

    1. Pai, Jeffrey & Ravishanker, Nalini, 2020. "Livestock mortality catastrophe insurance using fatal shock process," Insurance: Mathematics and Economics, Elsevier, vol. 90(C), pages 58-65.
    2. Rao, Xudong & Cai, Qingyin & Zhang, Yuehua, 2021. "Moral Hazard in Compulsory Insurance – Evidence from a Quasi-Experiment on Hog Insurance in China," 2021 Conference, August 17-31, 2021, Virtual 315356, International Association of Agricultural Economists.
    3. Xudong Rao & Yuehua Zhang, 2020. "Livestock insurance, moral hazard, and farmers’ decisions: a field experiment among hog farms in China," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 45(1), pages 134-156, January.
    4. Rao, Xudong & Cai, Qingyin & Zhang, Yuehua, 2023. "Moral Hazard in Agricultural Insurance – Evidence from A Non-Voluntary Sow Insurance Program in China," 2023 Annual Meeting, July 23-25, Washington D.C. 335431, Agricultural and Applied Economics Association.

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