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Agricultural Insurance in Developed Countries: Where Have We Been and Where Are We Going?

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  • Vincent H. Smith
  • Joseph W. Glauber
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    Abstract

    Agricultural insurance in developed countries originates in named peril products that were originally offered by private companies approximately two hundred years ago, first in Europe and then in the United States. Today, many agricultural insurance products are offered, most of them heavily subsidized by governments. In the context of developed economies, this article examines the evolution of agricultural insurance products, the economics of the demand and supply sides of agricultural insurance markets, and the economic welfare, political economy, and trade relation implications of private and public agricultural insurance in developed countries. Copyright 2012, Oxford University Press.

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    File URL: http://hdl.handle.net/10.1093/aepp/pps029
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    Bibliographic Info

    Article provided by Agricultural and Applied Economics Association in its journal Applied Economic Perspectives and Policy.

    Volume (Year): 34 (2012)
    Issue (Month): 3 ()
    Pages: 363-390

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    Handle: RePEc:oup:apecpp:v:34:y:2012:i:3:p:363-390

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    Cited by:
    1. Buchholz, Matthias & Musshoff, Oliver, 2014. "The role of weather derivatives and portfolio effects in agricultural water management," 2014 Conference (58th), February 4-7, 2014, Port Maquarie, Australia 165812, Australian Agricultural and Resource Economics Society.
    2. Kemeny, Gabor & Varga, Tibor & Fogarasi, Jozsef & Nemes, Attila, 2013. "The effects of weather risks on micro-regional agricultural insurance premiums in Hungary," Studies in Agricultural Economics, Research Institute for Agricultural Economics, vol. 115(1), February.
    3. Jean-Christophe Bureau, 2012. "Latest U.S. farm bill developments," Working Papers 181378, Institut National de la Recherche Agronomique, France.
    4. ODonoghue, Erik J., 2013. "The Demand for Crop Insurance: How Important are the Subsidies?," 2013 AAEA: Crop Insurance and the Farm Bill Symposium, October 8-9, Louisville, KY 157282, Agricultural and Applied Economics Association.

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